It appears that owning a home is more profitable for men than for women. Both market value and appreciation rates are higher for single men owning a home than for single women, according to a recent report from RealtyTrac.
The company looked at tax assessor data from across the country and found that the average current market value of a home owned by single men is $225,226. That’s 10 percent higher than the average $229,094 market worth of homes bought by single women.
The inconsistency is affecting appreciation rates nationally, with homes owned by single men having gained an average 33 percent return since purchase. By comparison, residences owned by single women showed a 31 percent return.
RealtyTrac cites wage disparity as the reason.
“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 RealtyTrac Vice President Daren Blomquist.
Blomquist said the slower price appreciation for homes owned by single women “demonstrates that less purchasing power is also having a domino effect on their ability to build wealth through homeownership as quickly as single men.”
The gap exists in the Charlotte region as well. The current market value of homes owned by single men averages $180,416, which is 7 percent higher than the average $168,133 market price of residences owned by single women.
Homes owned by single men in the Charlotte-Concord-Gastonia region appreciated, on average, 23 percent from the time of purchase, while those owned by single women rose in worth by 19 percent.
RealtyTrac found that Washington, D.C., had the biggest gender gap nationally, with homes owned by single men valued 14 percent higher. The capital was followed by Florida, West Virginia and Wisconsin, with each state showing a 12 percent difference.
Three states, however, showed higher home values for single women. They are Massachusetts, where properties owned by single women are worth 11 percent more than those owned by single men; Kentucky, 2 percent higher; and Kansas, 1 percent higher.