Despite earning less on average, women are outspending their male counterparts on homeownership.
A recent Lending Tree analysis found that women spend 1.29 times more on homeownership, including their mortgage rates, property taxes and home insurance. Women spend 1.20 more on taxes, 1.11 more on housing and 1.09 more on mortgage interest and charges. Ultimately, women spend $16,223 on housing, including $1,533 on taxes, $1,359 on mortgage interest and other charges and $4,686 on other expenses. Housing represents 41.77% of women’s total expenditures. Comparatively, men spend $15,562 on housing, including $1,357 on property taxes, $1,326 on mortgage interest and charges and $3,842 on other expenses. Housing represents 37.7% of men’s total expenditures.
However, men spend more on rent than women, at a rate of 1.12 times more, including monthly rent, parking fees and other expenses. Women spend $5,051 on rent, while men spend $6,000. Rent costs represent 13.01% of women’s expenditures and 14.56% of men’s.
Despite men paying more in rent, women spend more on general household maintenance and supplies. Women spend $1,795 or 4.62% of total expenditures, on home repairs, maintenance and other home tasks, while men spend $1,159 or 2.81%, of total expenditures. Women also outspend men on housekeeping supplies at $597, or 1.54%, compared to $399 or 0.97%. For laundry and cleaning supplies, women spend $141 (0.36%), while men spend $95 (0.23%). Finally, most women are spending more on household furnishings at $1,754 or 4.59% of total expenditures, while men spend $1,375 or 3.34%.
A Lending Tree report from earlier this year found that single females outpace single males as homeowners in the U.S. Single women represent 12.9% of all homeowners in the country, while single men represent 10.06%; single women own around 10.76 million homes and single men own about 8.12 million homes.