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Women Continue To Defy Homebuying Challenges, Representing 22% Of The Market, Survey Finds

Christine Stuart
Nov 15, 2023
More potential homeowners were checking out home loans, according to new data from the Mortgage Bankers Association for the week ending June 15

Young, educated, diverse, and increasingly savvy, women homebuyers navigate homeownership hurdles with determination.

A recent Maxwell survey found that men are still losers when it comes to homebuying.

A survey of over 1,000 borrowers found women represent 22% of the market. 

"Regardless of individual situations, this rising group defies market challenges to take on homeownership, finding ways to get on the property ladder despite fluctuating interest rates, inventory challenges, and long-standing beliefs that marriage is a prerequisite for a mortgage," the survey found. 

An estimated 55% of these female buyers are 34 years old and younger, over half have degrees, 39% identify as Black, Hispanic, Latino, Asian, or multiracial, and 50% purchase single-family homes. An estimated one-third opt for a 30-year fixed loan and 60% save for more than two years for a down payment even though they put down 3.5% or less in most instances. 

The survey also found 35% of single women choose a local lender. But over a quarter don't trust their loan officer. Of those not confident, more than half don't feel knowledgeable about mortgages or what to expect so the education process might be more intense. 

Amy Jo Plummer, Maxwell's vice president of customer success and a homeowner who purchased two properties as a single applicant, said she selected her broker from a sea of lending options because he "floated to the top." 

"While others could match or even beat him on rates, he was extremely communicative regarding next steps, timelines, costs, and process -- and he leveraged available technology to simplify key steps, such as providing required documents." 

"Today, we're seeing women adopt a 'whatever it takes' attitude towards homeownership," Plummer said.

And women are more likely than men to choose outside-the-box properties that offer more affordable options than traditional single-family home choices. "For instance, single women buyers purchase manufactured homes at more than three times the rate of men (10% vs. 3%), and women more frequently opt for multifamily properties, condos, apartments, and townhomes," according to the report. 

LendingTree released a similar survey earlier this year based on U.S. Census data. It found that in 2022, women made up 17% of recent buyers, compared to 9% of men. For the past decade, these numbers have been fairly stable; single women have maintained between 15% and 19% of the buyer pool, and single men have maintained between 7% and 9%. Read more about that survey in Mortgage Women Magazine

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