Study: Homeownership More Profitable for Single Men than Single Women
You’ve heard of the glass ceiling; now, meet the glass house.
RealtyTrac, Irvine Calif., said its analysis of 2.1 million single-family homes showed homes owned by single men on average are valued 10 percent more and have appreciated $10,112 (16 percent) more since purchase than homes owned by single women.
RealtyTrac said the average estimated current market value of homes owned by single men was $255,226–10 percent higher than the average current market value of homes owned by single women ($229,094). Homes owned by single men have gained an average of $63,921 since purchase, a 33 percent return on purchase price. That was $10,112 (16 percent) more than the average $53,809 gain since purchase for homes owned by single women, a 31 percent return on purchase price.
“Women earn less than men on average–19 percent less in 2015 according to the Bureau of Labor Statistics–giving them less purchasing power when it comes to buying a home,” said Daren Blomquist, senior vice president with RealtyTrac. “So it’s not surprising to see the 10 percent gender gap in average home values between single men and single women homeowners; however, the slower home price appreciation for homes owned by single women demonstrates that less purchasing power is also having on a domino effect on their ability to build wealth through homeownership as quickly as single men.”
The study also showed among homes owned for at least 15 years, those owned by single men on average had a current market value of $288,912–17 percent higher than the average current market value of homes owned by single women ($240,166). Homes owned for at least 15 years by single men have gained an average of $170,765 since purchase–a 145 percent return on purchase price. That was $36,496 more than the average $134,269 gain since purchase for homes owned at least 15 years by single women–a 127 percent return on purchase price.
RealtyTrac said average values of homes owned by single men were the highest above average values of homes owned by single women in the District of Columbia (14 percent higher), followed by Florida (12 percent higher), West Virginia (12 percent higher), Wisconsin (12 percent higher), Texas (10 percent higher) and Alabama (10 percent higher). Just three states showed the average values of homes owned by single women were higher than the average values of homes owned by single men: Massachusetts (11 percent higher), Kentucky (2 percent higher) and Kansas (1 percent higher).
Average home value gains for homes owned by single men were highest above average home value gains for homes owned by single women in West Virginia (72 percent higher), Wisconsin (41 percent higher), Alabama (40 percent higher), Maine (35 percent higher), and Minnesota (34 percent higher). In eight states, single women homeowners have realized bigger home value gains since purchase than single men homeowners, led by New York (30 percent more), New Jersey (29 percent more), North Dakota (22 percent more), Massachusetts (11 percent more) and Virginia (8 percent more).