Breaking the glass ceiling in real estate – RISMedia
The real estate industry is dominated by powerful women entrepreneurs. Women are likely to enter real estate not only because of their interest in the field and the flexibility offered by the industry, but also because of their strong desire to help families and work with people. .
The pandemic has been tough on women’s careers. In April 2020, the share of women aged 25 to 54 in the working population fell to the lowest level since March 1984. Progress made by women through the women’s movement and the equality law of pay almost evaporated overnight. The women returned home to help school-aged children through home schooling, virtual learning or hybrid schedules and, as a result, found it impossible to juggle 9-5 jobs (hint Dolly Parton). Many women have lost their jobs or have had their hours cut to an unsustainable level.
In recent months, the participation rate for women has started to rebound. Before the pandemic, the rate was 74.5%. It fell to 63.4% in April 2020, but by August 2021 it had rebounded by almost 72%. By comparison, the participation rate for men fell less than three percentage points, from 89% to 86.4%, and by August, the rate had rebounded nearly 88.4%.
A refuge that women have found: real estate. The flexibility offered by real estate, coupled with the potential income, is a major attraction for women entrepreneurs. While women have made strides in the global workforce, they have continued to break down barriers in real estate. In 1978, only 21% of all brokers were women. Today, 61% of all brokers are women. In 1978, 52% of all full-time commercial agents were women. Today, this share stands at 65%.
The impact on the real estate market
Although more women stayed at home during the pandemic, this factor did not change the sustained decline in birth rates in the United States. On the contrary, the pandemic has accelerated the decline. The birth rate is now at its lowest level in 100 years, the lowest level since data collection began in 1909. It has been suggested that families do not feel the financial stability necessary to have children today. ‘hui, or may be concerned about additional childcare responsibilities. Birth rates have implications for the economy in general, and they directly affect home buying activity and the desires of home buyers.
A further implication of reducing the rate of participation in the labor market and reducing the income held by women is the potential impact on single women buying a home. Traditionally, single women rank second behind married couples in the household composition of home buyers. The share of single women in the home buying market reached 22% in 2006, but now stands at 18%. The reduced share is likely due to reduced housing affordability as well as the inability to compete with dual-income buyers in the current environment of limited housing stocks.
The National Association of REALTORSÂ® will explore this in more detail in the upcoming 2021 Home Buyers and Sellers Profile.
Jessica Lautz is vice president of demographics and behavioral data, National Association of REAL ESTATE AGENTSÂ®.