Whatever your politics, if you’re in the real estate, home remodeling, home services, or home décor industries, you might want to ignore Republican vice presidential nominee Senator JD Vance’s “concern” that America is being run by a “bunch of childless cat ladies.”
According to Realtor.com®, these women—SINKs (single income, no kids) “have more expendable income to put toward things like a house” —and are “buying homes in droves.”
Ralph McLaughlin, a senior economist at Realtor.com, says, “Single-person homeownership has been historically dominated by women.” The National Association of Realtors® says single women made up 19% of all homebuyers in 2023, and the U.S. Census Bureau reports that they own 20.3 million homes in the U.S., while single men own 14.9 million.
Where the female SINKs are
Realtor.com says SINKs “value safety and security and often gravitate toward areas where they can get more bang for their buck.” McLaughlin adds, “Single-person homeownership tends to be higher in smaller, less expensive markets, presumably where it’s easier for single-income households to afford homes.”
The top five metros for single female ownership are Barnstable Town, MA; Topeka, KS; Rocky Mount, NC; Wildwood-the Villages, FL; and Ocala, FL.
The challenges of buying a house on one income
Realtors should note that SINKs may require a little more handholding in the buying process since it’s typically more challenging to be able to afford a home on one income. Realtor.com says SINKs are not often in the market for fixer-uppers since taking that on can seem overwhelming.
However, since fixer-uppers are cheaper, realtors should consider working with contractors and remodelers to show prospective homebuyers that the process is less challenging.
Let this SINK in—this trend is not likely to slow down anytime soon.
SINK stock image by Paula VV/Shutterstock
Rieva Lesonsky is CEO of GrowBiz Media, a media and custom content company focusing on small business and entrepreneurship. Email Rieva at rieva@smallbusinesscurrents.com, follow her on Twitter @Rieva, and visit her website SmallBusinessCurrents.com to get the scoop on business trends and sign up for Rieva’s free Currents newsletter.