For a single woman, it’s hard to envision a more secure living environment than a highrise with a doorman and services within the building. It seems single women agree, as evidenced by the fact that they now make up nearly half of all condominium owners.

Social changes, including divorce, women’s greater earning power, and the trend of women marrying later in life, have created more households headed by women. These female-headed households either rent or own their homes. In the year 2000, 53% of female-headed households owned their homes and 47% rented. Experts predict that by 2010, this number is clearly due to rise, and that nearly 28 percent of all homes will be purchased by women.

Just as condominium conversions filled the needs of the unmarried market niche, so did this demographic influence future homebuilding. Condominiums are now an integral, thriving sector of the housing market, both via new construction and conversion. Make no mistake about it—a large part of the success of the highrise genre is due to the fact that this type of housing meets the needs of single homebuyers and women. It’s the rare twenty-something single professional that wants a house in the suburbs. Young professionals desire the location, amenities and product mix offered in highrises.

Further, we all benefit when for-sale housing is created that meets the needs of a large market niche. Homeowners are a stabilizing factor to neighborhoods and to the city at large. They tend to take more interest in their neighborhood and its upkeep. And even single homeowners care about the schools in their community, if for no other reason than their effect on property values.

Finally, to fully realize the dramatic implications of women’s home buying power, we must remember that as late as the 1960’s it was rare, if not impossible, for a woman to even secure a mortgage. The fact that women are now a major force in the housing market is something about which we can all feel proud. Indeed the ever-broadening face of home ownership empowers individuals financially and psychologically, as it benefits the local economy and surrounding community.

*Single Female Homeowners
**Source - Washington Times 6/20/03

Look for Nicholas S. Gouletas’ column every two weeks. Nick welcomes your questions and suggestions. Please forward any feedback to Nick at: REquestions@americaninvsco.net

Reprinted from Chicago Tribune August 24, 2003

S_ in the City^*

Back in the early 1970’s when I converted my first building to condominium, I knew we were filling a need. By adding to the diversity in the housing market, we brought the dream of homeownership to a larger segment of the population. Little did I know, however, that by fostering condominium living, we were making it easier for women to achieve well-deserved financial independence. The fact is that nearly half of all condominiums today are owned by single women.** The availability of housing suitable to their needs, along with changes in social attitudes, have combined to create this phenomenon that enriches women both psychologically and financially.

Recent statistics show that single people, and women in particular, are making a significant dent in national homebuying numbers. In 2002, 27% of all first time homebuyers were single people, and of that, 18% were female. These numbers represent an increase from 2001, when 24% of first time homebuyers were single, 15% of those being women.

Sweeping cultural changes have occurred over the last thirty to forty years that have contributed to the growing trend of singles and women in the real estate market. It used to be that young adults, and especially women, stayed at home with their parents until they married. Back then, smaller homes were typically purchased by older people who had been widowed and required less space. If younger people moved into the cities to apprentice or begin a job, they lived in rental buildings.

This began to change in the 1970’s, when rental buildings began to be converted to condominiums. The condominium evolution offered single people the opportunity to purchase a dwelling that was both affordable and appropriate for their needs. Further, condominiums offered amenities that fit the lifestyle of the single person. Usually located in urban areas near business and entertainment centers, highrises also offered conveniences such as grocery stores, exercise rooms, and doormen.