3 Ways Women are Revolutionizing the Real Estate Landscape

Gone are the days of the classic narrative: love, marriage, a cozy home with a white picket fence, and a baby in a carriage. The face of households in the United States is transforming, and the driving force behind this change may surprise you. In recent years, women have emerged as a dominant group in the realm of homebuying, showcasing their determination and ambition to fulfill their dreams of homeownership. Don't just take our word for it—let's explore three compelling ways in which women are reshaping the real estate market and discover how Crosscountry Mortgage is uniquely positioned to empower them throughout their journey.

1. More Women Embrace Homeownership, Especially Single Women Today, women are more educated and financially empowered than ever before. With a shift towards delayed marriages or no marriage at all, combined with evolving gender roles, women now possess significantly greater purchasing power compared to three decades ago. Astonishingly, 73 percent of women consider buying a home a top priority over marriage.

In 2021, single women accounted for approximately 15.7 percent of all home purchases in the U.S., marking a remarkable 15.3 percent increase from the previous year. Notably, the surge in home purchases by single women outpaced that of single men, with an impressive 8.7 percent increase in 2021 compared to a 4.6 percent rise for single men.

According to the U.S. Census Bureau, single women own almost 1.6 million more homes than single men in the 50 largest metropolitan areas of the country. Across these areas, single women triumph in homeownership, with no city where single men own more homes.

       2. Women Now Head Roughly Half of all Households In the past, married households primarily revolved around male breadwinners as heads of the family. However, over the last                  three decades, the decline in marriage rates has resulted in more women assuming the role of household heads.

In 1990, only 32.5 percent of households were led by women. Since then, this number has surged by 17 percentage points, reaching the point where women now head approximately half of all households. Even within dual-income married households, it is increasingly common to find women in leadership roles. From 1990 to 2019, the proportion of married households led by single women rose from 17.6 percent to 22.6 percent, as highlighted by researchers.

Moreover, women tend to shoulder the burden of unpaid work and devote more time to childcare and household responsibilities compared to men with similar demographics and parental status.

       3. Women's Educational Attainment and Earning Potential on the Rise Over the past few decades, women have experienced greater access to education and higher-paying job                     opportunities. This positive trend is expected to continue, bolstering women's home buying potential and activity. By next year, it is projected that women will make up 47.2                     percent of the labor force.

Significantly, women now surpass men in college education for the first time in history. Although progress has been made, the overall earnings gap still persists due to occupational differences and varying earnings among professions. Census bureau data reveals a remarkable shift, with only 3.8 percent of women holding a college education in 1940, compared to a substantial 30.2 percent with a bachelor's degree or higher in 2014.

While these advancements are encouraging, there remains work to be done. Despite women outpacing men in college degrees since the 1980s, college-educated women still earn only around 74 cents for every dollar earned by men, as reported by the census bureau.

This article is for educational purposes only and does not constitute financial or mortgage advice. Loan programs, rates, and guidelines may change at any time. All loans are subject to credit approval and underwriting. For guidance tailored to your situation, consult a licensed mortgage professional.