Amid a tight supply of homes for sale and fluctuating interest rates, a welcome bright spot is emerging in the Twin Cities housing market.
Single women are showing up at Open Houses and then at the closing table as a larger percentage of home buyers. And they are doing it at a faster pace and larger percentage than their male counterparts.
According to Census data, in Minnesota 12.2 percent of homes are now owned by single women, contrasted with 10.2 percent for single men. At the same time, the number of women making mortgage applications is also rising; in 2023, solo females made 18 percent of applications, up from 17.3 percent in 2021.
“This is an interesting development in the real estate market, the influx of what we think of as a non-traditional homeowner. Traditionally, home ownership is the nuclear family, a husband and wife, but it is for everyone who is prepared,” said Stephen Spears, who leads Bremer Bank’s Community Banking Team.
Spears anticipates that some changes that are in the works will create more opportunities for all first time home buyers in 2024.