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Cambridge near tops for young professional women

Posted by Scott Van Voorhis July 24, 2013 09:00 AM

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Cambridge has Harvard, MIT and one of the greatest concentrations of highly paid and highly educated single women in the country as well.

That's the word out from Redfin, the online real estate research and brokerage firm.

Cambridge is No. 3 in Redfin's survey of "top cities for successful, educated single women." Only two Washington, D.C. suburbs ranked higher, while Boston came in a respectable No. 9.

More than 70 percent of Cambridge women have at least a bachelor's degree and more than a third make more than $65,000. (Comes in handy given the value of homes and condos in the city spiked 11.7 percent in June, hitting a median of $480,900, according to Zillow.)

Roughly a fifth of all women in the city are between 25-39 years old, while there is a sizable "surplus" of single men, who outnumber single women in Cambridge by 22 percent. (No stats on how "successful" the men are.)

OK, great, but are the young and successful women of Cambridge buying or renting?

Well they are not necessarily buying. Homeownership among single women has been growing over the last few decades, but younger women are bucking that trend, preferring to rent, according to a separate survey, also by Redfin.

In fact, young and footloose single men continue to buy homes and condos at significantly higher rates than young single women.

Here are some comments by Ellen Haberle, Redfin's economist:

Contrary to their more mature counterparts, single women under 35 are the only group to register fewer homeowners than single men. While the number of single female homeowners has grown over the past three decades, in both 1982 and 2012 there were 15% more single male homeowners under age 35 than single females. Perhaps this group's relative lag in homeownership also reflects the growing social and economic opportunities that previous generations fought so hard for.

What's your take? Is Cambridge all that it is cracked up to be for single women? Are you buying or renting?

This blog is not written or edited by Boston.com or the Boston Globe.
The author is solely responsible for the content.

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Scott Van Voorhis is a freelance writer who specializes in real estate and business issues.

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