Single women bought 9 percent more homes in the fourth quarter of 2020 than a year earlier, compared with only a 5 percent increase in that same timeframe for single men, according to a report from Redfin. Couples bought 12 percent more homes, according to the report.
Single women have constituted between 14.8 percent and 16.1 percent of total home purchases nationwide for the past nine years, making up 15.7 percent of buyers in the fourth quarter of 2020. Redfin noted this was during the pandemic-driven recession, which forced more women (especially women of color) out of work than men. The recession hit women-heavy industries like restaurants, retail and healthcare particularly hard.
“This is another illustration of America’s uneven financial recovery,” Redfin Chief Economist Daryl Fairweather said in a release. “While millions of women have lost their jobs during this recession, the impact has largely been on lower-income women. Meanwhile, most women who were able to afford homes before the pandemic are likely still able to afford homes, and low mortgage rates — especially at the end of 2020 — have been incentivizing them to buy.”
Redfin also found women tend to purchase less expensive homes than men. The typical home purchased by single women in the fourth quarter cost $294,000, up 15 percent year-over-year. For single men, the cost averaged $310,000, up 17 percent year-over-year, and the price averaged $430,000 for couples, up 15 percent from a year ago. The median monthly mortgage payment for single women was $1,052 in the fourth quarter, compared to $1,125 for single men and $1,535 for couples, according to the report.