Millennial Women Are Purchasing Homes More Than Any Other Generation

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When it comes to the current real estate market, a major shift is happening. According to a new study by home insurance group Hippo, when compared to other generations, millennial women are the largest demographic purchasing homes independently in the United States. They specifically make up 48% of independent homebuyers. That tracks with data from a 2020 National Association of Realtors report, per ​Forbes​, which found the median age of single women first-time homebuyers to be 33 years old.

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Though solo purchasers still represent a rather small part of the overall market — 28% in 2021, per the National Association of Realtors — that trend might be changing. Traditionally, homebuying is largely conducted by couples, usually those preparing for families post-marriage. Yet, a recent Bank of America survey, per Business Insider, reports that 65% of single women prospective homebuyers would rather not wait for marriage to buy. In fact, the same report found that 30% of women who already own homes purchased while they were single.

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It's a new real estate trend seen across the country. A 2021 report by LendingTree discovered that single women actually outpace single men when it comes to homeownership in the 50 largest U.S. metropolitan areas. "The average difference between the share of homes that single women own compared to single men is 3.7%," reads the report, which adds that this percentage ranges from 0.45% in Las Vegas to 5.86% in Boston.

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What's universal is that all homebuyers are facing a tough market. According to the Hippo report, 68% of homebuyers paid over asking price, as the pandemic continues to fuel a surge in demand for homes. However, pandemic-related pressure actually spurred many women to make a home purchase, despite a competitive market. The Hippo survey found that 82% of first-time women homebuyers felt that the pandemic accelerated their decision to buy a home.

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Interestingly, despite the gender wage gap — women earn 82 cents for every dollar a man earns, according to the U.S. Department of Labor Blog, and BIPOC women earn even less — millennial women are paying the largest down payments. Hippo reports that 41% of millennial women paid more than 20% for their down payments, while NerdWallet reveals that the median down payment for first-time homebuyers is 7%, as of May 2021.

Even though times are tough for homebuyers, millennial women are clearly showing the country how it's done.

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