Female vs. Male Homebuyers
In 2013, Redfin surveyed 1,722 individuals who were planning to buy a new home in one of 24 popular metro housing areas in the U.S. Redfin compared the resulting data for male and female homebuyers and came up with some surprising conclusions that are important for real estate professionals to understand and utilize.
Do Men or Women Want Long-Term Homes?
Women are more likely than men to seek out long-term residences. According to the study, 85.3 percent of women under 35 who are looking for a home planned to invest in a house that they would stay in for five years or more, compared to 73.8 percent of men. 23.1 percent of men under 35 were willing to purchase a home that they would occupy for less than five years, compared to 13.1 percent of women.
Do Men or Women Prefer City Living?
Men are more interested in city living, while women tend to gravitate towards the suburbs as they seek out new homes. Men are more likely to look for urban residences, with 42.9 percent of males seeking out city-based homes compared to 34.6 percent of women. 54.8 percent of women wanted to move to or stay in the suburbs based on a new house purchase – only 47.2 percent of men agreed.
Are Men or Women Willing to Invest Alone?
Men are far more willing than women to invest in a property on their own. Approximately 78 percent of women planned to buy a home with a spouse or partner, while 61.2 percent of men said the same. About 35.7 percent of male homebuyers were willing to purchase and occupy a home on their own. Only 18.4 percent of women intended to buy a home on their own.
Do Men or Women Care About Schools and Commutes?
Both men and women identified good local school districts and short commuting distance as their top considerations as they sought out a new home. Men were slightly more interested in choosing a property that would retain its value, while women wanted properties that were within a reasonable distance of restaurants and entertainment centers. Both men and women reported that choosing a larger home or property was important to them, and both considered whether or not a new home would keep them close to friends and family members. Proximity to public transportation was more important to men than women, and men were more likely to prioritize affordability.
According to the professionals at Hero Brothers Homes, real estate professionals can use these findings to better accommodate the interests of the male and female homebuyers that they serve.