Why Some People Are Buying Homes

I saw a couple of press releases from the real estate sales side of the business which might help mortgage originators in their marketing planning.

A recent study conducted by Redfin looked at U.S. Census data from 2012 and 1982 and found that single women between 45 and 52 was the fastest growing demographic among single people buying homes in the 30-year period, with a 120% increase. Probable causes include the large number of Baby Boomers entering this age group and divorce creating more female-headed households.

Women 65 and older have made up the largest proportion of single female homeowners, but their share has dropped to 40% from 45% in 2012.

There are more single males under 35 that own homes than single females, but Redfin cites increasing social and professional options for women in this age group, causing them to be more transient.

When it comes to families, Realtor.com did a survey which found three of five home buyers said school boundaries will impact their next purchase decision.

While a 40% plurality said that they would not go over budget, 24% said they would pay 1% to 5% more than they had planned; 21% would pay 6% to 10% above budget; and 9% would pay 11% to 20% over.

Over 90% rated school boundaries as important, 2% were neutral and 7% said they were unimportant.

Of those who said school boundaries were important, more than half would give up accessibility to shopping.

Just some stats for you to think about as you plan what groups in your community to market the benefits of home ownership and various financing options to.