Women reshaping homeownership

Posted by Flux on 

14 August 2023

What’s trending?

Women are challenging the traditional notions of home ownership, that ownership comes with a husband and marriage. According to Lightstone Data, women own or co-own more than half of SA’s homes. This reflects the growing participation of women in the South African economy. Some are choosing to delay motherhood and focus on their careers, and some are single mothers who are using property as an investment to provide for the families they support. “It makes sense, therefore, that financial security and long-term investment have become priorities for many women who are the primary breadwinners. Property is not only a means to financial sustainability, but also a means for women to provide for their children or parents,” says Carl Coetzee, CEO of BetterBond. 

Why is it important?

This phenomenon of women home buyers outpacing men is heartening in a world that arguably  does not enable women to thrive economically. The latest World Economic Forum’s (WEF) Global Gender Gap Report indicates that the world has a long way to go before gender pay parity is achieved, with women, in general, less educated than their male counterparts. South Africa fares well compared to the global average, ranking 20th out of 146 countries in the report. While some women are thriving, South Africa has many domestic workers who earn a measly average of R2 900 a month. More than two-fifths (42,1%) of all households are headed by women in this country. 

What can businesses do about it?

Businesses should acknowledge that women are decision makers and control family and business finances in many instances. We should move beyond ‘Women’s Day’ style approaches and treat this target market with more gravitas. Less pink and more power. Develop products according to the unique preferences and concerns of women buyers while treating them as empowered and informed consumers. It is clear that many of them have money to spend on what’s important to them and their families. 

By Faeeza Khan

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