Single Women Own More Homes In The US Than Single Men, Latest Analysis Shows
It's a well-known fact that gender pay parity is still far from ideal and there's still a huge gap when it comes to the remuneration for working men and working women. According to the U.S. Bureau of Labor Statistics, women’s median weekly earnings are only 83% of men’s, which is very sad, to say the least.
While women are less well off financially than men, there's one key area in which women are leading -- real estate. According to the recent LendingTree analysis of the latest U.S. Census Bureau data, single women who live by themselves are more likely to own a home as compared to men who live by themselves in 47 out of 50 states in the country. The study also found that single women own 2.71 million more homes when compared to single men.
Key findings of the study
The study revealed that across the country, single women own close to 11 million homes while men only own 8.24 million. This means that single women own an average of 12.93% of the owner-occupied homes across the 50 states as compared to 10.22% single men. The study also found that the home ownership gender gap has increased a bit since the year 2021. In 2021, single women owned 10.76 million homes while men owned 8.12 million. This means that the difference was 2.64 million. Now the difference has increased by 70,000 homes.
Delaware has the highest shares of homes owned by single women
Delaware, Louisiana, and Mississippi have the highest single-women homeownership rates. In Delaware, 15.34% of owner-occupied households are owned by single women while the percentage for single men is only 5.89. In the other two states, 15.19% and 14.84% of owner-occupant homes are owned by women who live by themselves, respectively. For men, the percentage is around 10.71% and 10.85% of owner-occupied households in the same states.
It was also found that the homeownership rate is highest for men in New Mexico, North Dakota, and Alaska. In these states, single men own 12.85%, 12.74%, and 12.44% of all owner-occupied housing units, respectively.
Factors that contribute to higher homeownership among single women
While the data shows that women earn less than men, according to the Pew Research Center, some women are younger than 30 and are earning at least as much as men younger than 30 in the 22 U.S metros, including New York and Washington D.C. It was also seen that there were women who had outlived their partners and now owned the house singularly. While many may assume that the higher homeownership rates are a result of women benefiting from divorces, it has been found that women are more likely to struggle financially after divorce.
Things to keep in mind for single women homebuyers
While it may look like owning a house is easy with all the data inclined toward women, buying a house requires extensive research and planning. Here are some things to keep in mind.
Look for a mortgage lender before you buy: Different lenders offer the same borrowers different rates on their loans. This is why you need to take a proper look as lower interest rates help you lower the monthly payments.
Plan the payments carefully: Never rush to buy and ensure you can afford the monthly payments. The best idea is to sit down and calculate your monthly mortgage payments.
Know your rights: It's best to find out what is legal and what is not before you start executing your plan of buying a house. For instance, it's illegal for the lender or seller to discriminate against you based on gender.