How Age, Gender, and Relationship Status Influence Buying Homes for Sale in Wayne, PA
Many events and details have been shown to influence how and why people buy homes for sale in Wayne, PA. Everything from relationship status to family assistance can make or break a new sale. Here are a few buyer traits that have influenced the housing market.
In the United States, homes for sale are becoming increasingly attractive to single buyers. The number of unattached individuals who purchased a new home has increased to 24 percent of all recent home sales, 18 percent of which were female first time home buyers with an average age of 32. Single repeat buyers, such as those looking to downsize after their children move out, are also on the rise.
Single buyers are turning to home ownership out of desire, instead of necessity. In fact, nearly 15 percent of recent repeat sales were to single older females. While older buyers turn to downsizing, younger buyers desire the many benefits of home ownership.
More and more young people are turning to home ownership in the hopes of building long term wealth, particularly as the housing market continues to grow. Home buyers between the ages of 18 and 35 increasingly see the value of owning property as an investment. In fact, 11 percent of buyers in this age group have actually purchased either a second home or an investment property.
Gender has also been shown to play a role in homes for sale in Wayne, PA, both regarding who is buying, and how much of a return on investment sellers can gain. Single men, for example, can see a return of up to 16% percent more than single women, allowing them to build wealth more quickly.
The gender wage gap likely plays a part in the difference in home value because women are often paid less than their male counterparts, reducing their purchasing power. This factor means that women may be buying less valuable homes in less favorable neighborhoods, reducing the rate of return on their investment.
When a family has the resources to help their children, they are more likely to buy a home instead of renting. Even when the assistance offered has little to do with the buying of a home, any assistance equaling $5,000 or more over two years can mean the difference between the child becoming a homeowner or continuing to rent.
As a full service agency, Sage Realty is dedicated to upholding the rights of our clients, and works hard to match buyers with their dream homes. For more information on how buyers’ circumstances can influence their ability to buy homes for sale and build wealth, please contact the experts at Sage Realty.