While their
salaries
While they may still fall short of their male peers, single women are significantly surpassing single men in this area.
homeownership.
A recent report issued by LendingTree has revealed that
single women
They were more inclined to be homeowners across all states compared to single men, with the exception of North Dakota, South Dakota, and Alaska.
Why It Matters
According to the previous year’s Conference Board Consumer Confidence Index, the number of Americans intending to purchase a house has reached its lowest point in 12 years.
Owning a home might be particularly challenging for members of Generation Z and millennials, as they often have smaller savings compared to older generations and are less prone to being married than those before them.
What To Know
Despite women’s median weekly earnings lagging behind those of men, as reported by the U.S. Bureau of Labor Statistics, where women earn only 83.6% of what their male counterparts do, they continue to surpass men regarding homeownership rates.
Across the U.S., single women possess 2.72 million more residences than single men, with their purchases totaling 11.14 million properties versus the 8.42 million acquired by single men, as stated in the LendingTree report.
The disparity in homeownership rates between these groups has slightly increased since 2022, with their difference standing at just 2.71 million then, according to LendingTree. They also discovered that the widest gender gaps were in Delaware and Connecticut, where they measured 5.23% and 5.06%, respectively.
However, in the three states where single men outpaced single women in homeownership, as reported by LendingTree, North Dakota had 10.75% of homes owned by single women versus 13.52% owned by single men.
In South Dakota, the disparity was comparable, where approximately 12.37 percent of about 263,000 homes were owned by single women, whereas 13.10 percent were owned by single men.
In Alaska, single men led in homeownership as well, with 12.79% of homes owned by single males and a marginally lower percentage of 12.56% owned by single females.
The disparity in homeownership rates among single women versus single men might indicate a change in earning differentials. The study found that in six metropolitan regions, young women earned more on average compared to their male counterparts.
Experts suggest that single women might be placing greater emphasis on attaining homeownership, and they are surpassing men in obtaining advanced degrees at higher rates.
What People Are Saying
Alex Beene, who teaches financial literacy at the University of Tennessee at Martin, stated
SofTech
:
“Home ownership is now firmly outside the category of ‘impulse buy’ for the vast majority of Americans, and that is one of the reasons why housing purchases from single women are now outpacing those made by single men. As the job and earnings gap for women in many industries have decreased, their savings potential has, as well, and research has shown single women tend to be better at long-term financial planning due to future life goals like starting a family and achieving financial security.”
He stated, “One shouldn’t conclude that every unmarried man struggles with savings and investments, yet generally speaking, these men often require greater incentive, particularly when young. Additionally, apart from a handful of states such as Alaska and those in the Dakotas—regions where occupations tend to be more skewed towards males—the majority of states observe that men are delaying significant life events. Sadly, this delay also means less preparation for future financial needs.”
Kevin Thompson, the financial guru and CEO/founder of 9i Capital Group, stated
SofTech
:
There has been a notable change in the educational landscape. For each 100 female recipients of bachelor’s degrees, males receive approximately 74 such degrees. Additionally, females account for three-fifths of all master’s and doctoral degrees earned, which places them on a path toward potentially higher income levels. In contrast, male salaries have decreased compared to what they were in 1979. These patterns explain why women tend to surpass men, notably when it comes to owning homes.
Jessica Lautz, who serves as the deputy chief economist and vice president of research for the National Association of Realtors, stated
SofTech
:
The pace of marriages varies from one state to another, which consequently affects these statistics. In regions where marriage rates are high, you might find fewer unmarried female purchasers. Since 1981, single females have been surpassing single males in buying homes. Therefore, this trend indicates both the economic stability provided by owning property and the accumulation of wealth derived from long-term real estate ownership.
What Happens Next
Over time, increased female ownership of homes might lead to a decrease in birth rates and less marriage, according to Thompson.
Traditionally, men were expected to work while women stayed at home to care for the children,” Thompson stated. “However, with rising inflation and the increasing costs of daily life, it’s evident that families might increasingly rely on two incomes going forward.
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