Single women build less home equity over time than single men, a new study by Redfin has revealed
Single women build less home equity over time than single men, a new study by Redfin has revealed.
Looking at almost 200,000 homes sold in 18 of the largest US metros in 2012, the study found that over a 5-year period since purchase single women gained 92 cents of home equity for every $1 gained by single men.
Women earned a median $171,313 while men earned 8.1% ($15,090) more at $186,403 with Seattle, WA, showing the largest gap with women earning 6.3% ($20,983) less equity over the five-year period.
Columbus, OH; Baltimore, MD; San Francisco; and San Diego; complete the top 5 worst for building home equity for women compared to men.
Los Angeles was the exception among the 18 metros studied, with single women gaining $8,784 (8%) more than men.
“Despite differences in equity appreciation, purchasing a home can help level the playing field between men and women,” said Redfin chief economist Nela Richardson.
“Homeownership remains the single biggest engine for middle-class workers to create wealth over the long term. In addition to setting labor standards that encourage pay equity, more can and should be done at the federal and local levels to support female homeownership through affordable housing policies like downpayment assistance,” she added.
Looking at almost 200,000 homes sold in 18 of the largest US metros in 2012, the study found that over a 5-year period since purchase single women gained 92 cents of home equity for every $1 gained by single men.
Women earned a median $171,313 while men earned 8.1% ($15,090) more at $186,403 with Seattle, WA, showing the largest gap with women earning 6.3% ($20,983) less equity over the five-year period.
Columbus, OH; Baltimore, MD; San Francisco; and San Diego; complete the top 5 worst for building home equity for women compared to men.
Los Angeles was the exception among the 18 metros studied, with single women gaining $8,784 (8%) more than men.
“Despite differences in equity appreciation, purchasing a home can help level the playing field between men and women,” said Redfin chief economist Nela Richardson.
“Homeownership remains the single biggest engine for middle-class workers to create wealth over the long term. In addition to setting labor standards that encourage pay equity, more can and should be done at the federal and local levels to support female homeownership through affordable housing policies like downpayment assistance,” she added.
