NEW YORK, March 2, 2017 /PRNewswire/ -- Median income data for men and women from the Census Bureau was compared to average mortgage payments, calculated using in-house data, in the 50 largest American cities. The PropertyShark study revealed a housing gender gap in 9 cities – meaning men can afford to buy a starter home in these cities while women cannot.
"With single women's median income considerably lower than that of men in all the cities we looked at, and the trend of real estate prices out-pacing income gains in recent years, there are a host of cities that are now effectively out of the reach of potential female buyers and renters," says Adela Muresan, real estate writer for PropertyShark.
Among the 9 cities where mortgage payments on a studio or one-bedroom property exceed 30% of women's monthly incomes are Chicago, Seattle, Denver and Houston.
Meanwhile, 14 markets are so expensive that neither gender can afford owning a home independently, and in two cases – Manhattan and LA – the average mortgage payment on a starter home exceeds a woman's entire monthly income. San Francisco, Boston and Miami follow as the least affordable markets for both genders, with mortgages upwards of 80% of a woman's median income.
Despite the bad news, 26 cities remain affordable to both single men and single women, with some – Wichita and Indianapolis – seeing average mortgage values as low as 10% of women's median income. Other cities with low costs of home ownership include Oklahoma City, Arlington, TX, and Tucson. Fresno is the only city in California that is still affordable to both genders.
The situation in the rental market is far more dire, as reported by RENTCafé. Only 18 cities out of 50 see average rents on starter apartments low enough for single men to afford them without spending more than 30% of their monthly income. The same is true for just 2 cities when it comes to single women – Wichita and Tulsa.
To read the full study go to: https://www.propertyshark.com/Real-Estate-Reports/2017/02/02/housing-gender-gap-can-single-men-women-afford-home/
Offering property reports for both the commercial and residential sectors, PropertyShark is the established data provider for the NY real estate industry as well as other major US markets. For more information, visit www.propertyshark.com.
RENTCafé is a nationwide apartment search website that enables renters to easily find apartments and houses for rent throughout the U.S. Renters can search, compare, and submit rental applications with ease. For more information, visit www.rentcafe.com.
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