As a single homeowner, have you ever thought about how your property stacks up to the competition, both in initial and long-term value? RealtyTrac decided to find out who gets a better deal – single men or women – in the homeownership process. According to a study published in May, homeownership for single individuals tends to be more profitable for men than it is for women.
The data examined 2.1 million single-family homes nationwide owned by single men and women. Looking at both price and how home values increased over time, researchers discovered that homes initially purchased by single men are worth about 10 percent more and appreciate roughly 16 percent more than properties owned by single women.
When purchasing a home, the average single man chose a property valued at $255,226, while the average single woman selected a property worth $229,094. From the time the property was purchased, those owned by single men tended to yield a 33-percent return. Those owned by women were slightly less at 31 percent, but researchers found that this small gap starts to widen years down the road.
In addition to these figures, data indicated men were more likely to own property (1.14 million individuals out of the total) compared to 1.01 million women surveyed.
What’s behind this trend? Researchers believe that overall, women earned 19 percent less as a whole compared to men, according to data from the Bureau of Labor Statistics. This difference results in less purchasing power, which in turn means female buyers seek out lower-priced homes. These properties appreciate at a slower rate, which impedes the buyer’s ability to build wealth.
However, the trend isn’t uniform across all states. Women in Massachusetts, Kentucky and Kansas tended to purchase higher-priced homes, while properties owned by women in New York, New Jersey, North Dakota, Massachusetts and Virginia appreciated at a greater rate.
Are you a single individual looking to purchase property in Central Connecticut? Consider By Carrier’s communities, which include energy-efficient homes. To learn more, contact us today.