When it comes to the housing market there is a gap between the genders. One in five people that purchase a home is a single woman. This is the second-largest group of homebuyers after married couples. Women control around 60 percent of the total wealth in the United States based on information from the National Association of Women Business Owners in conjunction with the Small Business Administration. Sellers and real estate agents and now catering to this market.
The Meyers Research company based out of Costa Mesa, California surveyed 33,000 people shopping for a home including both men and women. The influence of female home buyers has a bigger impact on the market. Women are purchasing their homes independently and many single men are looking for advice when it comes to purchasing homes.
Once a woman purchases the home it will reflect her success. Women want a large pantry, their bathroom, an office, and a porch. Sellers are looking to include these features in their homes.
There are some things researchers are doing to see what people are looking for in their ideal home.
.1 Why They Make a Purchase
Women want a home for safety and good schools for their children. Men purchase a home for prestige. Single women see purchasing a home as a smart investment and they want to purchase while interest rates a low. Women also see homeownership as a way to help with financial security. Single men are more likely to move often and do not want to be tied down with a home.
.2 Size and Location
Men and women want to live in the suburbs. A man is more willing to drive a long distance to work. Women want to stay close to home. Women prefer smaller homes with a functional design. Men like bigger homes because they feel it gives them a better lifestyle.
.3 Indoor vs Outdoor
Females are more interested in the interior of the home and look for large storage areas. They like the idea of having a front porch so they can sit and socialize. A man looks for outdoor space where he can barbecue with friends. He also looks for a garage and a large backyard.
Both men and women want modern styles. Men like Spanish styles while women look for casual contemporary. White is a top color choice for both genders and they look for a home that looks comfortable.
Females like to have utility space and upgrade kitchens and bathrooms. They also have guestrooms for visitors. Men want a wine storage area and are looking to upgrade later.
Eighty-one percent of buyers think about pets when picking a living situation. Women want to have pets and will treat them like family. They are looking for pet doors and places to wash them. They also want areas with dog parks.
Men look for communities with gyms and a place to getaway. Both genders want pools and wifi. Female buyers are willing to trade off some of these features with the chance of making a good investment in their home purchase.