As a female real estate agent selling high-end homes, I found an article from money.cnn.com interesting. It says “the gender pay gap is following women home from the office.” Basically, the article says buying a home is a better financial move for men than women. Why? A new report from RealtyTrac says the average market value of homes is 10% higher if they’re owned by single men as opposed to single women.
The report also shows male-owned homes appreciate much faster. In fact, the value of a home increased in value by nearly $64,000 if owned by a single man as opposed to an appreciation of $53,809 if owned by a single woman. It appears it’s all relative, though. Women, on average, earn less than men. As a result, women can’t afford as big of a home as men — accounting for that 10% gap in home values.
That limits single women's ability to build wealth, explained Daren Bloomquist, senior vice president at RealtyTrac. "Homeownership is not as an effective wealth-building tool for single women as it is for a single man. And that will have implications, especially down the road," he said.
The report shows the home appreciation gap widens over time. Another negative for a single woman since many rely on their home’s equity to buy a bigger home down-the-road. A single man who owned a home for at least 15 years saw an appreciation of 145%. For a single woman, 127% return. The study analyzed 2.1 million single-family homes across the country owned by unmarried adults.
The appreciation gap was the widest in West Virginia, where men had a 72% higher average home value than single women.
If you or anyone you know is interested Scottsdale Real Estate, please check out my website, www.Realestateforsaleinaz.com, and I’ll be happy to help.
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