Gender Gap Widens For Young Single Women Looking To Buy A Home

Single males have lengthy been extra probably than single girls to personal a house, however that hole narrowed sharply in recent times, practically closing in 2021. Nevertheless, a current survey exhibits that it widened once more final yr, shining mild on the house shopping for challenges single girls face, together with decrease salaries and a extra unstable workforce expertise.

In 2016, 19.4% of younger single girls owned a house, in contrast with 29.6% of younger single males — a niche of 10.1 share factors. The hole shrunk all through the subsequent 5 years as increasingly girls entered the workforce — resulting in record-high numbers in 2020 — and ladies’s incomes started to rise. By 2021, that hole was a mere 1.8 share factors.

However that progress was worn out in 2022. The primary yr of the pandemic noticed an outsize share of ladies depart their jobs to tackle caregiving duties, as little one care and elder care choices have been in flux. Girls additionally proceed to earn considerably lower than males on common, receiving roughly 82 cents to each greenback earned by males. In consequence, younger single girls have fewer choices on the subject of reasonably priced residence listings than younger single males.

“Single girls had made nice strides in narrowing the homeownership hole, however the pandemic reminded us that progress is just not at all times linear,” stated Skylar Olsen, chief economist at Zillow. “Regardless of girls exhibiting exceptional resilience in returning to the workforce, single girls’s homeownership price took a heavy hit in 2022. With rising and unstable mortgage charges furthering affordability challenges, the street to reasonably priced homeownership stays an uphill battle, and it could take artistic options and even doubling up in a house to realize that dream.”

After rising to twenty-eight.6% by 2021, the homeownership price for single girls dropped to 24.5% final yr, wiping out virtually half the positive factors made since 2016, when single girls’s homeownership was at an all-time low of 19.4%. On the similar time, the homeownership price for single males elevated 2.7 share factors in 2022 to 33.1%.

Single girls seeking to purchase a house in Pittsburgh, St. Louis or Detroit — that are among the many nation’s 50 largest metro areas — will discover the best share of reasonably priced listings. Single girls in Atlanta, Baltimore, Washington, D.C., and Raleigh, North Carolina are most capable of compete with single males within the for-sale market; single girls in these metros, on common, can afford a minimum of 2% of all lively listings and a minimum of 90% of the listings single males can afford. Alternatively, Cincinnati, Kansas Metropolis, Oklahoma Metropolis, Minneapolis, Jacksonville and New Orleans see the biggest gender-based disparity in housing affordability, with single girls capable of afford fewer than 70% of the properties that single males can afford.

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