By Wendy A. Jordan
Move over, Mr. and Mrs. Homeowner: Single women are entering the homeownership market in a big way. In a 2004 study, Harvard's Joint Center for Housing Studies reported that "women play a larger role in housing markets today than ever before." And according to the National Association of Realtors, unmarried women–a group that encompasses divorcees, single moms and widows as well as never-married women–have become the second largest segment of home buyers in the country, exceeded only by married couples. By 2010, predicts Fannie Mae, some 31 million single women will own homes. That's 28 percent of all U.S. households.
In other words, single women represent a home building and remodeling market you can't afford to ignore.
To do business with these homeowners, you need to understand their housing preferences. Sara Lamia, president of Home Building Coach, Inc., Fort Collins, Colo., says a few things are high on the wish list for almost all single women homeowners. One is security. Single women, she says, are looking for security in the neighborhood. They may prefer a gated community, for instance, so they can feel safe going for a run after work.
Doris Pearlman of Possibilities for Design, Denver, adds the house itself needs to be designed with security squarely in mind. The garage should be attached to the house, she says, and the building should incorporate a security package, perhaps featuring outdoor lighting, an alarm system, limited use of sidelights by the front door, and windows that can be locked ajar to allow ventilation but not entry from the outside.
Another priority for single women is a personal haven, says Lamia. In this relaxing bedroom and bath suite, women homeowners want to pamper themselves with luxury features such as a whirlpool tub or an aromatherapy steam shower. For added appeal, says Sara, include a connecting space—perhaps an office or exercise room—that turns the suite into "a little apartment."
Open kitchen-dining-living areas work well as living/entertainment centers for single women homeowners. And many women, particularly those who have come from other countries, says Lamia, want a home with flex rooms, or multipurpose spaces that can serve as bedrooms for houseguests.
Single women tend to choose smaller homes than couples do. A 2004 study by the National Association of Realtors found that the median size of homes bought by single women was 1,580 square feet, compared with 2,050 square feet for married couples. One reason: Many of these women's activities are outside the home. For the same reason, many single women prefer in-town locations. "Urban living is very popular with women buyers," says Doris, "because it is close to the amenities–restaurants, theater, education–that they value."
While they'll go small on house size, single women won't scrimp on quality or style. "In general, women buyers are very aware of design trends," Doris point out. They want new colors, natural materials such as marble, stone and wood, and the warmth and texture that can be achieved through such detailing as beadboard walls, applied trims and hand-scraped wood floors. A range of architectural styles, from traditional Victorian to Arts and Crafts to sleek contemporary, appeal to women buyers, as long as they are well-executed.
Of course there are differences between segments of the single women housing market. Sara offers these insights:
- Women age 50+. "These women have the money to spend," Sara notes. They want top quality, including high-end kitchens with luxury appliances and granite counters. Because granite is naturally porous, it requires maintenance, but these homeowners are not likely to be hard on it, so granite may be a good choice for them. These women also are likely to prefer one-story living, but want a lower level where children and grandchildren can stay when they visit.
- Women in their 30s and 40s. These younger women are "much more savvy than the generation that preceded them," says Sara. "They're thinking investment." Especially appealing to this group: the urban loft scene, or a 1,100-1,200 square foot custom home on a desirable piece of property.
- Single moms. Unlike other single women, this group wants "the most square footage for the money." The house needs to foster family cohesiveness, says Sara, with inviting spaces where Mom and the kids can gather together.
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