Women Are Becoming The Future Of The Housing Market
March 4, 2020 10:53 AM
by
Navi Persaud
News

Whether it is purchasing, financing or selling a home, women are increasingly leading the charge. This is especially true for single and minority women, who are getting a little help from new technology.

A Compass and Better.com report revealed that 83% of agents surveyed said they have seen an increase in the number of female clients, as a sole seller or buyer. The report also noted that the number of single women who are buying homes increased from 15% to 18%.

"Over the last year, the mortgage arm of Better.com saw a 4.5x increase in single women between 30-40 who make between $10-20K a month and a 5x increase in single minority women independent borrowers," according to the report. "Out of the single female demographic, the average credit score was 767."

Single women and women of a minority face plenty of discrimination when it comes to buying a home. The report also cited data from The National Bureau of Economic Research that found lenders charge Latin/African-American borrowers 7.9 and 3.6 basis points more for purchase and refinance mortgages respectively.

Technology has played a part in helping to alleviate some of that discrimination. The NBER report revealed that "algorithms also discriminate, but 40% less than face-to-face lenders."

So, despite the increasing buying power of single women and women of a minority, there is still work to be done but it hasn't stopped them from "becoming the future of homeownership" as the report puts it.

To learn more about how women are becoming the future of the housing market, click here.

You might also be interested in: