|
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 |
