MINNEAPOLIS - All the single ladies are locking up the real estate market.
“The National Association of Realtors indicates that 17% of women who are single or unmarried own homes and its only 7% males,” said Elizabeth Sibet, Realtor with Keller Williams Integrity Lakes.
In fact, single and unmarried women have been outpacing single and unmarried men in homeownership since 1981, with no end to the trend in sight.
Alyssa Mitchell, 28, is a student engagement and dropout prevention specialist for an area school district. She just purchased her first home – a duplex in Northeast Minneapolis. She plans to renovate it and rent it out.
“I’ve taken care of my credit along the way. I’ve made sure that I’ve been saving along the way. I didn’t necessarily have a plan or a reason. I'd thought about it in the past just as something to build equity,” says the new homeowner.
With more women making homeownership a reality, the Midwest is becoming a real estate destination to put down roots.
While Minneapolis clocked in at No. 8 in the Owners.com 50 Top Markets for Single Women, Kansas City, Cincinnati, Milwaukee, and Chicago all landed in the top 10.
The list was created based on low unemployment rates, a strong economy, arts and culture, walkability, crime rate, and public transportation among other things.
A few reasons for the disparity include the fact that millennials are waiting to tie the knot and single women are more likely to be parenting on their own.
Mitchell is welcoming the shift in sales.
“I think its great, I think its super awesome as being a young, single woman being a first-time homeowner and a landlord all at once. It really speaks to where women are and I don’t need someone with me to do things,” she added.