Single women over 55
continue to be a growing segment of the homebuyer population, according to
research presented in a recent Wall Street Journal article.
Citing research form Ralph
McLaughlin, the founder and chief economist at Veritas Urbis Economics in
Alameda, Calif., the article states that since 1981 this female population has
been the fastest growing group of homebuyers compared with a “multitude of
couples are by far the largest group of home buyers, and single women the next
largest group. But last year, single, older women made up 8.2% of all homebuyers,
roughly double the percentage of 20 years ago,” according to the article.
in this category also buy at nearly twice the rate as their male peers, who
tend to remarry more quickly and die younger.
the three women featured in the article, the main factors that drove them to
purchase new homes were “rightsizing”, a change in lifestyle, and being closer
to family – the same main motivators for borrowers who choose a Home Equity
Conversion Mortgage for Purchase, reverse mortgage originators said in a recent
the WSD article states that “longer average lifespans—and people working until
later in life—are giving older buyers the confidence to take on a 15- or
30-year mortgage,” a HECM for purchase is often touted as another beneficial
option for current older homeowners who are looking to move.
three of the women in the article also are divorced, another life situation in
which a reverse mortgage can be a benefit, reverse originators have said.
women in this place in life want to own a home of their own,” the article
quotes Jessica Lautz, director of demographics and behavioral insight for the
National Association of Realtors, as saying.
Hoffman, one of the women featured in the article “views her purchase as more
than a financial transaction. ‘There are no bad memories in this house, and I’m
going to try hard not to create any,’ she says.”
data in the WSJ article supports the National Association of Realtors 2018 data
showing that the highest percentage of single female buyers was found in the 72
and older age group.
Article author : Maggie Callahan
Article source name : https://reversemortgagedaily.com
Source URL : https://reversemortgagedaily.com/2018/07/10/wsj-the-rise-of-the-55-single-woman-home-buyer/