Homes owned by single men are more valuable and appreciate faster than properties owned by single women, according to an analysis from RealtyTrac.
On average, the home value gender gap for single homeowners is $26,132, or 10%, and single men tend to gain 16% or $10,112 more in home value on average, RealtyTrac said Thursday. The Irvine, Calif.-based data company analyzed data for roughly 1.1 million homes owned by single men and 1.0 million homes owned by single women.
RealtyTrac estimated that the average estimated market value of homes owned by single men was $255,226, while for women the average value was $229,094. Driving this gap may be the difference in purchasing power between men and women, RealtyTrac chief economist Daren Blomquist said.
"Women earn less than men on average — 19% less in 2015 according to the Bureau of Labor Statistics — giving them less purchasing power when it comes to buying a home," Blomquist said in a news release. "However, the slower home price appreciation for homes owned by single women demonstrates that less purchasing power is also having on a domino effect on their ability to build wealth through homeownership as quickly as single men."
The gaps in home value and appreciation widen the longer singles own their homes. The home value gap between single men and women who have owned a home for 15 years was 17%, and the gap in value appreciation for the group was 21%.
The disparity also varies depending on where you live. In District of Columbia, the average gender gap in home values was 14%. And in West Virginia, average home value gains were 72% higher for single men than for single women.
But in three states, the average values of homes owned by single women were higher than those of their male counterparts, led by Massachusetts, where the difference was 11%. And in eight states, women reaped greater home value appreciation than men, with women in New York seeing 30% higher value growth.