Single women experience slower home appreciation than single men
Women's home appreciation: linked to unequal pay?
When it comes to the appreciation value of a home, single men see a better return than single women.
A study done by RealtyTrac showed homes owned by single men are worth more on average than single women. How much more? A single man's home worth was roughly $64,000 whereas a single woman's home was at a little under $54,000.
What factors into the difference? Senior VP of RealtyTrac Daren Blomquist believes it could be due to women earning less than men. According to government data, women working full-time earn only 79 percent of what men earn. You spread that gap out 40-years and women earn $430,480 less than men. Less purchasing power means they tend to buy lower-value homes which appreciate at a slower rate.
You spread that gap out 40-years and women earn $430,480 less than men. Less purchasing power means they tend to buy lower-value homes which appreciate at a slower rate.
|Single men’s homes have appreciated more than single women’s|
|Years Owned||Difference in home value between genders||Difference in the gains in home value between genders|
|10 or fewer||$18,185||$6,226|
|More than 15||$48,746||$36,496|
Women more likely to take a friend's recommendation than shop
A study published in 2011 showed that on average, women receive a 0.4% higher interest rate on their mortgages than men do.
While this may not sound like a lot, for a 30-year fixed mortgage it adds up.
Essentially a man could pay upwards of $26,000 less in interest over the lifespan of the loan than would a woman. The authors of the study say the factoring difference is women choose lenders based on recommendation; men tend to search for the lowest rates.
Now not all single female homeowners lose value on their homes. There are plenty of women in some markets who are actually outperforming single men in terms of return on investment on their homes according to Blomquist.
Markets like Washington D.C, New Jersey, Nevada and New York are all great exceptions to the numbers.Verify your new rate (Feb 25th, 2018)
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