An analysis by LendingTree found that single women own millions more homes than their male counterparts, according to 2021 U.S. Census Bureau data. The analysis also uncovered that single women are more likely than single men to own their own home in 48 out of the 50 states.
Women dominate ownership at the highest rates in southern states like Louisiana, Alabama, and South Carolina, which typically have cheaper home prices. The only states where single men own more homes than single women are North and South Dakota.
“This discovery is surprising, considering the financial hurdles women have historically faced,” Jacob Channel, a senior economist at LendingTree and the author of the analysis, stated. Specifically, women continue to face a wage gap in the workforce, making on average 83.1 cents for every dollar a man makes, according to the Bureau of Labor Statistics.
The analysis discovered that while single men own roughly 8.1 million homes, single women own about 10.7 million homes. The trend may have long-term financial implications for single Americans given that homeownership is often one of the most effective methods of building personal wealth. A typical homeowner who bought their home in 2011 accumulated $225,000 in housing wealth by 2021 on average, according to an analysis from the National Association of Realtors in 2022.
Some critics are wondering how single women can afford more homes than single men with the wage gap. Further analysis may give insight into this puzzling finding. Research shows that “not all women are lower earners”. Women on average have longer life expectancies than men do, which leads them to still use their homes even after their spouse dies. A recent study by Pew Research Center also shows that there are now more college-educated women than men, which translates to more earning power later in life.
The National Association of Realtors reported that women typically will spend less money and make more sacrifices on their homes than men will. “I have saved aggressively for a home because my whole adult life I’ve been hearing about the wage gap and how women are at a disadvantage, and it made me want to take care of myself financially,” Sarah Wilson, a financial expert and author for financial website Budget Girl, stated in 2020.
“In a world where I know and have seen how hard it is to be a woman, I feel a need to make sure that I will never be in a vulnerable situation if I can control it. That means budgeting, saving, investing, and building my own personal wealth,” Wilson said.
Despite the increasing rates of single women buying homes, most owner-occupied homes in the US belong to couples. This all comes as interest rates on mortgages are at an all-time high and home values continue to increase in most major markets.
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of course!!!…we need a place to keep all our shoes!
Probably due to the alimony and support payments paid by the men.
I believe I’ve manage my finances better than my ex. He wanted to rent and keep buying his depreciating toys. After the split, I got a good job, saved money and pursued my goal of purchasing an appreciating asset.
Many homes are likely owned by women due to inequitable divorce settlements.
The longer longevity of women inheriting shared homes could easily account for the differences. Statistics like this require some cross analysis before reaching the conclusions in this article. Like my dad said, there are three kinds of lies: lies, damned lies, and statistics.
And that’s why y’all are bitter divorced men instead of happily married co-owners..l
This article is flawed on so many levels. You touch on afew issues but don’t explain your comments. North Dakota is perdominatly male. Women outlive men and end up ith the house. Women usually end up with the home in a divorse. Women what stability wheather they are single or not. Single men tend to spend their time and money elsewhere and not be concerned with a stable home if they are single. Also there is no explanation as to why it is so hard to be a woman in todays world? Last the author is clearly young, as interest rates are still at historical lows. Depending on how you finance you can be between 5.5% and 7%. That is still on the low end of the 50 year average.