Owning a home is a huge milestone for many Americans. Previously we found that single women own more homes than single men; our new study found that women are spending significantly more on their homes than men.
LendingTree analyzed data from the U.S. Bureau of Labor Statistics Consumer Expenditure Survey to compare how men and women spend. We looked at several categories, and when it came to spending on housing, it’s clear there’s a gender gap in the housing market. A quick look at what we found:
Glass ceilings don’t only apply to the workplace — when it comes to housing, the gender gap is striking.
On average, women spend 1.29 times more (based on total expenditures) on owned dwellings, which include mortgage interest, property taxes, home insurance and other expenses. Broken down more specifically, women pay 1.20 times more on property taxes, 1.11 times more on housing and 1.09 times more on mortgage interest and charges compared to men.
On the other hand, men spend 1.12 times more on rented dwellings, which includes rent, parking fees, maintenance and other related expenses.
Spending on housing by gender
Category | Women’s annual spend | % of women’s expenditures | Men’s annual spend | % of men’s expenditures | Difference in % of expenditures |
---|---|---|---|---|---|
Women’s expenditures higher | |||||
Owned dwellings | $4,686 | 12.07% | $3,842 | 9.32% | 1.29 |
Property taxes | $1,533 | 3.95% | $1,357 | 3.29% | 1.20 |
Housing | $16,223 | 41.77% | $15,562 | 37.77% | 1.11 |
Mortgage interest and charges | $1,359 | 3.50% | $1,326 | 3.22% | 1.09 |
Men’s expenditures higher | |||||
Rented dwellings | $5,051 | 13.01% | $6,000 | 14.56% | 1.12 |
Source: LendingTree analysis of U.S. BLS 2021 Consumer Expenditure Survey data.
According to LendingTree senior economist Jacob Channel, there are a few reasons why women face more financial barriers when it comes to owning a home, largely boiling down to individual priorities.
“While the reasons behind their financial choices will vary by person, there’s some evidence to suggest that women prioritize homeownership more than men and are more willing to make sacrifices to become homeowners,” he says. “This can help explain not only why single women tend to spend more on homes that they own than men do, but also why single women are more likely to be homeowners, even if they tend to earn lower incomes. Men, on the other hand, might not be as keen to take on the commitment of buying a home. As a result, they could be more willing to spend a bit extra on a nice place to rent.”
You can view the full study here: Spending By Gender Study
LendingTree’s senior economist Jacob Channel had this to add:
“There’s some evidence to suggest that women prioritize homeownership more than men and are more willing to make sacrifices to become homeowners. This can help explain not only why single women tend to spend more on homes that they own than men do but also why single women are more likely to be homeowners, even if they tend to earn lower incomes.”
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