SOURCE: HousingWire via housingwire.com
The first point the report observed was that women are taking a higher market share when it comes to buying homes. The share of homebuyers comprised of women increased to 46.4% in 2017. Compared to just a generation ago, in 1981, women made up only 18.9% of the market share.
And in fact, a rising share of these women are also single. The share of single women homebuyers reached an all-time high of 18.9% in 2017, compared to last generation when this demographic made up just 9.1% of homebuyers in 1981.
The second category to increase is households over the age of 55, which increased to 27.8% in 2017, compared to 16.1% in 1981. But even as the share of homebuyers among older generations increases, the share of homebuyers that are under 35 hit an all-time low, falling to 33.7% in 2017. Back in 1981, this demographic sat at an all-time high of 52%.
Many experts often blame the lack of Millennials in the housing market to their choice to delay having a family. This lack of life events, getting married, having children, etc., also serves to keep them renting longer than previous generations – or so experts say.
As it turns out, having children may be becoming less of an incentive to buy a home. The share of homebuyers with children fell to an all-time low of 40.7% in 2017, down from 51.4% in 1981. And the share of homebuyers made up of single-person households increased to 21.2% in 2017, up from 15.3% in 1981.