If you think of your ideal client as a married couple, maybe with a couple of children, you could be losing out on a significant segment of the market, namely single women.
A LendingTree analysis earlier this year found that single women who live by themselves are more likely to be homeowners than single men in 47 of the 50 states and that single women own 2.72 million more homes than single men.
“Put another way, single women own 13.01% of owner-occupied homes, and single men own 9.83%,” says the LendingTree report on its findings. Thirteen percent is not an insignificant part of the market.
The LendingTree analysis shows the homeownership gender gap growing — and it may continue to grow. This year’s Home Buyers and Sellers Generational Trends Report from the National Association of Realtors finds that Gen Z, the youngest generation of homebuyers, represents just 3% of the market but has the highest share of homebuyers who are single women at 30%.
By all generations, this is how homebuying by single women breaks down, according to the NAR report:
· Gen Z 30%
· Younger millennials 15%
· Older millennials 18%
· Gen X 18%
· Younger baby boomers 20%
· Older baby boomers 27%
Women, whether coupled or uncoupled, tend to drive decisions about the home, from buying furniture and accessories to redecorating and renovating, and the home furnishings industry tends to cater to them.
But single women present specific opportunities — and, admittedly, some challenges — for interior designers who want to grow their business with this group.
* Going smaller: Both younger and older single women homebuyers tend to prefer smaller homes, including townhouses, apartments and condos. Makes sense: Smaller homes are more affordable for younger buyers. And older buyers could “be looking to downsize their living arrangements; taking into consideration financial considerations due to retirement; and the safety and security this type of living can provide,” according to the NAR report. So, single women may have smaller design projects, dollarwise. But they can also benefit from the help of a designer to make the best use of that more limited space.
* More invested: The LendingTree report notes that, while women’s income continues to generally trails men’s, many women are prioritizing homeownership. “Though it’s relatively sparse, there’s evidence that single women are more willing than single men to make sacrifices to become homeowners,” the report says. That means single women value those homes and may be more interested in interior design projects to make them special places well-suited to their needs and desires.
Reaching single women shouldn’t require major shifts in your marketing efforts. This isn’t about launching an entirely new social media channel. It’s more about making tweaks to your content, including showcasing projects you’ve done for single women and directing some of your advertising and marketing budget to that demo.
I realize two-income families are more likely to have the budgets for the large projects many designers covet.
But if we truly believe in the value of interior design to transform not just spaces but lives, we should find ways to serve other segments of the market, including women living alone.
