Infographic: Does the Gender Pay-Gap Price Single Females Out of the Home Buying Market?
Of the single home-buyers I’ve dealt with over the past several years, I would estimate that 80% were female. My personal statistics do not square with the national average. On the other hand, Real Estate is still very reasonably priced in Arizona as compared to the rest of the country.
Many of my single clients are employed in the health care industry. I attribute this to the abundance of high-quality medical facilities in the Greater Phoenix Valley, the average rate of pay in the health care industry, and to the Heroes Home Advantage program that helps Teachers, Firefighters, Law Enforcement, Nurses and other Health Care Professionals, Emergency Responders, Military and Veterans with their closing costs.
The statistics below say far more about general affordability I think, than about the gender pay-gap. That’s not to say there isn’t disparity in income, it just confirms that there are much less affordable housing markets so the division there will be more noticeable.
By Suzanne De Vita Editor’s Note: This was originally published on RISMedia’s blog, Housecall. See what else is cookin’ now on blog.rismedia.com
Single homebuyers have a tougher time than most affording a house—and a new report shows single women have it harder than single men.
A joint report by PropertyShark and RENTCafé reveals housing in 23 of the nation’s top 50 metropolitan areas is out of reach for single women, while housing in 14 areas is out of reach for single men. Austin, Texas; Boston, Mass.; Long Beach, Los Angeles, Oakland, Portland, San Diego, San Francisco, and San Jose, Calif.; Miami, Fla.; New Orleans, La.; New York, N.Y.; Philadelphia, Pa.; and Washington, D.C. are unaffordable to singles regardless of gender—but Chicago, Ill.; Denver, Colo.; Fort Worth and Houston, Texas; Memphis and Nashville, Tenn.; Milwaukee, Wis.; Sacramento, Calif.; and Seattle, Wash. are, in addition, unaffordable to single women. The starkest pay gap of the nine areas unaffordable to single women—but affordable to single men—is in Fort Worth, Houston and Seattle, spanning 70-73 cents on the dollar.
The areas where single women face the lowest housing affordability are New York, Los Angeles, San Francisco, Boston and Miami, according to the report. In New York, monthly housing costs take up 119 percent of the average single woman’s income, while in Los Angeles, monthly housing costs take up 104 percent—a full-on shut-out. Monthly housing costs for single men in these areas take up just shy of 100 percent.
There are areas where single women can afford to buy a home: Detroit, Mich.; Wichita, Kan.; Indianapolis, Ind.; and Tulsa and Oklahoma City, Okla., according to the report. The monthly housing cost in Detroit takes up just 4 percent of the average single woman’s income, while monthly housing costs in Wichita and Indianapolis take up 10 percent.
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Bill Salvatore / Arizona Elite Properties
Residential Sales, Marketing, and Property Management
View more from the report here. Suzanne De Vita is RISMedia’s online news editor. Email her your real estate news ideas at email@example.com. Reprinted with permission from RISMedia. ©2017. All rights reserved.
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