Historically, the real estate industry has been a male-dominated market. Be it in the USA, Canada, or across the globe. The trends have always been similar. According to shocking historical records, single women were not allowed to get a bank mortgage till the 1970s in the USA. They needed the permission of a husband or a spouse to go ahead with their real estate acquirement plans.
Then the Equal Credit Opportunity Act was passed in 1974. This was when things got better for single women in real estate. This was a landmark move, and since then, things have slowly changed for the better. This act now prevents any discrimination based on race, color, religion, national origin, sex, marital status, or age.
Previously women were only restricted to caregiving jobs or meagre administrative or clerical jobs in real estate businesses. But the current trends are significantly different. On this Women’s Day, it is time we celebrate these trends. In this article, we will dive deep into all the new and important real estate market trends that give us a look into the present state of the industry.
It is also worth mentioning that even though a lot of these trends and statistics are positive, some of them are quite unfair to date. Let us find out more about this so that, as an industry, we can learn from this and take steps to better things that are within our capacity.
What do the statistics and market trends say?
Here we have listed some of the most significant
Single women own more homes in the USA than men
According to reports by NY Times, single women now own more homes in the USA than single men. Single women own 10.76 million U.S. homes. Whereas single men only own 8.12 million in the USA. This statistic is despite the fact that women earn 83 cents for every dollar that men earn.
This is a surprising revelation, given that there is a huge pay gap between the two genders. So, how is this possible? NAR reports have mentioned that single women are ready to make more sacrifices to own a home than single men. That is one of the biggest reasons why so many women have been able to own their own homes.
Women realtors are much higher in the US market
Another NAR report also found that women realtors account for 65% of the registered agents in the USA. This has become a welcome change in this industry where once female realtors were an almost non-existent thing in the USA. According to the same reports, a typical realtor in the USA is now a woman in her 50s who is college educated and owns her own home.
Not many women in CRE
Even though the significant number of female realtors in the USA is a positive change, the number of women in commercial real estate is still very low. They account for only 36.7% of the workforce. But the numbers have risen drastically in the last few years. Even 2-3 decades back, women in CRE were much below 10%. Even with positive changes, there is a long way to go.
Women still get paid less in real estate jobs
Even with so many women in the industry, the pay gap is still significant. It is, in fact, one of the worst in the real estate market. According to reports, women real estate brokers are paid 78 cents for every dollar a woman earns. This amounts to $14,924 in payment at the end of every year for the same job at which a man earns $14,924 more.
Shocking reports by CREW Network also say that women earn only 56% of the number of commissions and bonuses in this industry compared to men. This gives us a clear picture of the unfair pay structure in the industry and that there is a long way to go for a complete change of this wage gap.
Single women get lower returns on housing investments
We have already learned that single women own more homes than single men. But surprisingly, single women do not get the same returns on their housing investments as single men. A Yale study shows that single women pay 2% more when buying a house. The same reports also show that they earn at least 2% less when they are selling the same houses.
Women pay more in mortgages
According to Bankrate statistics, women pay more in mortgages in 49 out of 50 states. There is a serious gap in equality in the money lending business and supporting women-owned homes. But it is noteworthy that even with such adversities, single women still own more homes than men.
Women are here to set new trends
On this International Women’s Day, here is a little look into the lives of the women in real estate who made a place for women in this male-dominated industry.
Wu Yajun is one of the biggest real estate investors and the richest self-made woman in the world at one time. She is also a major name in commercial and residential real estate development and helped set the trend for other women.
Another significant name in the global real estate market is Jane Goldman. She is known as the only female billionaire running a real estate firm in the USA. Her portfolio has over 400 high-end properties and a 17% hold up in lower Manhattan's World Trade Center developments.
Women like Wu Yajun and Jane Goldman are setting the trend in global real estate. They are here to set the trend right, and not only are they working to make their mark in the industry and helping their journey become a stepping stone for other women.
Final Words
Women in real estate have hundreds of odds stacked against them, be it real estate or other industries. Do not let technology be another roadblock in this market and lose business to your competitors. Contact our team to get the most efficient technology selection and implementation plan to help your business soar higher. Let us take this one thing off your shoulders as you plan your next moves to grow your company.
A happy Women’s Day to all people who identify as women!