A new study revealed that single women are more likely to own more homes than single men in 48 of 50 states.
According to a LendingTree study, while women earn less than men in the United States, they own approximately 2.46 million more homes than single men. According to Forbes, single women own approximately 10.76 million homes, while single men own approximately 8.12 million. Louisiana has the highest proportion of female homeowners, with single women accounting for 15.6 percent of these households. North Dakota and South Dakota have the highest proportion of single men as homeowners. Single men own 12.7 percent of owner-occupied homes in North Dakota, while single women own 11.08 percent.
According to reports, Florida has the largest homeownership gap between single men and women, at 4.55 percent, while Wyoming has the smallest gap between single men and women. The report’s author Jacob Channel said the reasoning for these statistics is most likely that single women prioritize homeownership more than single men.
“There’s also evidence that single women are more willing than single men to make sacrifices to become homeowners. This could help explain why single women owe a greater proportion of homes than single men, even if they’re often less financially well off.”
Additionally, women younger than 30 earn as much as men in several cities, such as Washington D.C., New York, and Los Angeles.
“In another 107 metros, women younger than 30 earn 90% to 99% of what men younger than 30 do. These comparable (or even higher) earnings — combined with a greater homeownership desire — could contribute to higher homeownership rates among single women.”
At the end of the study, Channel also offered homeownership tips for those planning on buying their own home. He says potential homeowners should research a mortgage lender before buying since lenders offer different rates based on certain loans. Also, they should carefully plan their budget before rushing to buy a home and calculating their monthly mortgage payment.
“If you do the math and feel like you’re going to struggle to keep on top of your bills constantly, you may want to look for something less expensive or hold off on buying for the time being.”
Lastly, potential buyers should know their rights as it is illegal for mortgage lenders to discriminate based on gender, and they should contact the U.S. Department of Housing and Urban Development or local housing commissions..