Single Women’s Buying Power Is Shrinking
PropertyShark study: Women can afford to buy alone in only 17 of the 51 largest cities in the U.S. – and one of those cities is Jacksonville.
NEW YORK – Rising home prices may be shutting out more single women, according to a new study by PropertyShark. It that found that women can afford to buy alone in only 17 of the nation’s 51 largest cities. One of these more affordable cities is Jacksonville, Fla.
Single women would have to spend 49% of the median national income to cover monthly mortgage payments for a starter home, compared to 32% of the income for single men, PropertyShark found.
The study compared the median income of single men and women to the median sales price of a starter home, defined as studios and homes or condos with one bedroom.
Singles in general find it more challenging to afford homeownership. Single buyers have been priced out of 22 of the largest urban centers, which is eight more than five years ago, according to PropertyShark.
It found that Miami is eighth among the 10 least affordable cities for single female buyers. Single women in that city had to allocate 66% of median national income for monthly mortgage payments, compared to 47% for men.
In 2021, however, about 19% of the homebuying market comprised single women, compared to 9% for single men, according to data from the National Association of Realtors®, which found that single women outnumbered men by about a 2-to-1 ratio.
Source: Realtor Magazine (04/13/22)
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