Monday, January 7, 2019
Single women, Millennials buying more homes
Millennials are making one-fourth of the home purchases across the United States.
Getty Images (Steve Debenport
Millennials are making one-fourth of the home purchases across the United States and single women are outpacing single men as homeowners. Data analysis by the online loan broker Lending Tree found that single women are more likely to own a home than single men despite generally making less money. A recent Prudential survey showed that the average annual income for womenwas $52,521 compared with $84,006 for men, a difference of 37 percent, meaning women in the survey are earning about 63 cents for every dollar earned by men.
But single women own around 22 percent of homes while single men own less than 13 percent, the LendingTree research found. Single women in the New York City and Los Angeles metro areas own twice as many houses as men; 820,000 homes vs 435,000 homes in NYC and 460,000 vs. 260,000 homes in L.A. New Orleans is the metropolitan area where single women own the largest share of owner-occupied homes, 27 percent, compared with 15 percent for single men. The city where the most single men own homes is Oklahoma City, but it’s still just 16 percent, while single women own 24 percent of residential properties in the area.
In another study, LendingTree found that Millennial purchases are driving home sales in many metro areas. LendingTree analyzed new mortgage purchase requests made on the website between Jan. 1, 2018 and Nov. 25, 2018 and found that nearly one-fourth of requests came from Millennials, defined as people under 35. Millennials in Salt Lake City, Minneapolis and Pittsburgh were more likely to be pursuing homeownership than in any of the nation’s other 50 largest metropolitan areas. In Salt Lake City, just more than half, 51 percent, of purchase requests come from Millennials. Minneapolis and Pittsburgh are not far behind, at 48 percent each. In Tampa, Florida, Las Vegas and Miami, Millennials are making the fewest purchase requests, at around 30 percent. San Francisco, San Jose, Calif. and New York are where Millennials wait the longest to buy homes, at an average age of 29.6 years old vs. an average of 28.7 years, although those three cities are where Millennials had the highest average credit scores. Salt Lake City, Louisville, Ky. and Cincinnati had the lowest buyer age at 28
The Business Journals