In a Promising Trend, Single Women are Becoming Homeowners at a 2.5x Higher Rate Than Single Men.

ADVERTISEMENT
Single Women HomeownersHome ownership is generally recognized as a major indicator of financial security. Getting a mortgage and keeping current on it allows a homeowner to maintain at least some forced savings through principal payments and appreciation (most of the time).

For single women, this does represent an area where they hold a significant advantage over single men. About 17% of homebuyers are single females, compared to 7% of single males.

Woman holding sold sign for their new house
Within the U.S., a wage gap does exist between men and women, though the exact amount of the gap is up for debate, but it appears as though women are more successful at obtaining a mortgage than men when applying individually. While this may be explained by the propensity of men to move to urban areas more than women pre-1990, the gap in single homeowners by gender has grown considerably since then, while the gap between men and women moving to urban areas has shrunk to nearly even.

Two statistics which are somewhat disconcerting is the fact that single women have slightly higher foreclosure rates – about 5% higher – than single men. The average purchase price of a woman’s home was $173,000 to a man’s $191,000 average purchase price, possibly indicating that even though single women are approved for homes at a higher rate, they are being forced into less valuable homes.

Single Women Homeowners-3

All things considered, men and women do have similar credit scores, 675 for females compared to 670 for males (you can see your credit score here), which is effectively the same when it comes to qualifying for a mortgage.

While the individual reasons for the growing number of single women purchasing homes have a small effect on the overall total, combined, they make a statistically significant difference which cannot even be explained by the small dip in married couple home purchases.

source: National Association of Realtors

ADVERTISEMENT

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>