The road to homeownership isn’t always easy, and depending on your marital status and gender, potential homebuyers might show signs of struggle in certain cities.
The latest Housing and Gender Gap analysis from Property Shark, in conjunction with RENTCafé, gathers data on home prices and rents across the 50 largest cities in the United States and compares them to the average incomes of both genders in each city. According to the analysis, each city was labeled as either housing-friendly or unaffordable to single men and women. The analysis also limits a “home” to include only starter units, which includes studios, one-bedroom rentals, condominiums or houses.
The Lone Star state is most favorable among singles. Both men and women find luck looking for properties in Dallas, San Antonio, and Arlington in spite of increasing demand and home price value over the past several years. However, Houston and San Antonio catered more to single men than women due to elevated rent prices and rising unemployment rates. A significant difference in average income was also seen in these cities, with women making from 70 to 73 cents on the dollar compared to men.
California proves to be the state with the most unaffordable markets for both genders. The Golden State’s capital, Sacramento, shows an inkling of hope for single men because they would need to spend approximately 25 percent of their monthly income on the bank payment for an apartment, while the average woman makes less than what she needs in order to secure a bank loan for a new home, according to the analysis.
On the more affordable side of the market, home prices in Washington, Philadelphia, and Portland were found to be drastically lower than cities on the East and West coast. However, both male and female single residents are struggling to afford the average one-bedroom home. As for the South, the largest cities to become unaffordable for the single population are New Orleans and Austin – the latter, the only Texan city too expensive for men to buy a home in, by a landslide.
A few cities that cater to singles of both genders include Fresno, California; Atlanta; Dallas; El Paso; San Antonio; Arlington; Wichita; Indianapolis; Las Vegas; Phoenix; Tucson; and Mesa, Arizona.
To view the report, click here.