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Single NM Women Are Outpacing Men When It Comes to Homeownership
Across the United States and the Land of Enchantment alike, single women are more likely to own a home than their male counterparts. In fact, according to a report from The National Association of REALTORS®, not only were these women purchasing on a larger scale than single men, their homeownership rates were only narrowly behind married couples, the largest and most significant demographic of buyers. On a national level, the data illustrates that single women now own 2.4 million more homes than single males and spend ~6.0% more on homes. Single women across the nation have continued to ramp up their homebuying efforts, and real estate agents must be prepared to address their wants and needs.
New Mexico Metro Area Homeownership Demographics
Nationally, single female buyers were the second-largest segment of homeowners at ~17.0%, trailing only behind married couples at ~61.0%. For a localized look, NAR also reported on the top metro area in each state and created a comprehensive demographic comparison. In New Mexico, females do not spend more money than males on average, but they do still make up the second-largest segment of buyers in the state. The average New Mexican woman is also choosing to purchase later in life, likely during retirement. After all, between New Mexico’s thriving real estate market, many unique attractions, and the designation as one of the best states for women’s equality, is it any wonder that so many of these women are choosing to call the Land of Enchantment home?
The homeownership rate for single women is higher than the rate for single men by 1.5% in New Mexico’s hot Albuquerque metro area. While not a seemingly substantial difference, females only narrowly comprise a majority of New Mexico’s population at 50.5% and, with women still earning an average of ~79.0% as much as their male counterparts, any progress in homeownership and the accompanying financial benefits is an improvement. The average single female homeowner across the state is purchasing properties at age 65 compared to the average man purchasing at 58 years old. Single men in Albuquerque outspend women on homes by nearly $20,000, on average.
How You Can Help First-Time Female Homebuyers in Your Community
Since single women are such a prominent demographic of homebuyers across the state, you’ll want to be prepared to help them in their unique homebuying journey. They far outpace their male counterparts when it comes to purchasing a home solo, and their numbers are only increasing. If you’re working with single female buyers, take some time to get to know your target audience. To best serve this demographic and further homeownership success for women, uncover their wants and needs, hone your real estate market niche, and pass along these helpful tips for single women homebuyers:
- Understand your finances
- Create a strict budget
- Hire a real estate agent early
- Consider all of your options
- Stay up-to-date on mortgage rates
- Plan for additional costs
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