While their salaries While they may still trail behind their male peers, single women are significantly surpassing single men in this aspect. homeownership.
A recent report issued by LendingTree has revealed that single women Were more inclined than unmarried men to be homeowners in every state except for three: North Dakota, South Dakota, and Alaska.
Why It Matters
The number of Americans planning to buy a home has hit its lowest level in 12 years, according to last year's Conference Board Consumer Confidence Index.
Owning a home might be particularly challenging for Gen Zers and Millennials, as they often have lower incomes compared to older generations and are less prone to getting married than those before them.
What To Know
Women's median weekly earnings still trail those of men, with the U.S. Bureau of Labor Statistics reporting women's earnings are just 83.6 percent of men's. But women are still outpacing men when it comes to homeownership.
Across the U.S., single women hold ownership of 2.72 million more houses than single men, with their purchases totaling 11.14 million properties versus the 8.42 million owned by single males, as stated in the LendingTree report.
The disparity in homeownership rates between these groups has increased slightly since 2022, with their difference standing at just 2.71 million then. The widest gaps were observed in Delaware and Connecticut, where the discrepancy reached 5.23 and 5.06 percentage points respectively, according to findings from LendingTree.
However, in the three states where single men owned more homes than single women, as reported by LendingTree, North Dakota had 10.75 percent of homes owned by single women versus 13.52 percent owned by single men.
In South Dakota, the disparity was comparable, where approximately 12.37 percent of around 263,000 homes were owned by single females, whereas 13.10 percent were owned by single males.
Alaska also had single men ahead in homeownership, with a 12.79 percent share being single men and slightly less, 12.56 percent, accounting for homes owned by single women.
The disparity in homeownership rates among single women versus single men might indicate a change in earning differentials. The study found that in six major metropolitan regions, young women earned more on average than their male counterparts within the same age group.
Experts say single women may also apply an increased focus on achieving homeownership, and they're also outpacing men in rates of higher education.
What People Are Saying
Alex Beene, financial literacy instructor for the University of Tennessee at Martin, told Pawonation.com : "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 commented, “One shouldn’t conclude that every unmarried man struggles with saving and investment, yet generally speaking, these individuals often require greater incentive, particularly when young. Additionally, apart from some regions such as Alaska and the Dakotas where job sectors tend to be predominantly masculine-oriented, many areas across the country observe that men are undertaking significant life events later than before. Sadly, this delay also means less preparation for future financial needs.”
Kevin Thompson, the financial guru and CEO/founder of 9i Capital Group, stated Pawonation.com : There has been a notable change in educational attainment. Currently, for every 100 bachelor’s degrees granted to women, just 74 are conferred upon men. Additionally, women secure about three-fifths of all master's and doctoral degrees, which puts them on a path toward potentially higher earning potential. In contrast, male salaries have decreased compared to what they were in 1979. Considering these patterns, it makes sense that women 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 Pawonation.com : "The rate of marriage is different in each state so that will impact this data. Where marriage rates are higher, there are likely to be fewer single-women buyers. Single women have been outpacing single men since 1981 as home buyers. This means not only the financial security of homeownership, but wealth gains through homeownership over time."
What Happens Next
In the long run, higher female homeownership could spur a declining birth rate and fewer marriages, Thompson said.
Traditional models where men go out to work and women remain at home for child-rearing have already changed," Thompson stated. "Given the ongoing increase in inflation and living costs, it’s evident that families might commonly rely on two incomes going forward.
Related Articles
- California homeowners will receive mortgage assistance under a new plan.
- Austin Homeowners Cut Property Prices Almost 30% Amid Difficulty Selling Properties
- California Residents Required to Pay Extra for Insurance to Assist Struggling insurers
- Should U.S. Citizens Be Responsible for CoveringInsurance Risks in States Prone to Disasters?
Start your unlimited Pawonation.comtrial
Post a Comment