Women are pulling ahead of men financially in one important way of building wealth: Homeownership. According to a study by LendingTree, single women own 2.7 million more homes than single men. Approximately 13% of these women hold the titles to their homes, while the figure is 10% for men.
A home for most people is going to represent the biggest portion of their overall net worth. Owning a home helps you access considerably more wealth. Despite the progress in homeownership, women still face social and economic barriers to wealth creation, with women earning an average of 82 cents for every dollar earned by men for the same work, according to the Pew Research Center. LendingTree’s study is based on an analysis of data from the U.S. Census Bureau’s 2022 American Community Survey. The analysis considers demographic factors such as homeowners’ age, income, education, and racial background.
According to LendingTree, single female homeowners outnumber their male peers in 47 states. The only exceptions were Alaska, North Dakota, and South Dakota, likely due to the prevalence of male-dominated industries in those states. Home equity accounts for 28% of household wealth on average, according to a 2020 U.S. Census Bureau report. This study demonstrates the changing dynamics of homeownership in the US, particularly with regard to gender disparities.
For more information, and to learn how you too can own a home, contact Kyle Alfriend, Alfriend Real Estate Group @ Re/Max.
Kyle Alfriend has been selling homes for over 35 years, successfully assisting over 3,000 clients buying, selling, or investing in real estate.
For more tips on selling your home in the winter, or for a personal consultation, contact Kyle Alfriend,
at (614) 395-1776, or info@Alfriend Group.com