Women sure have had a tough year, or years, depending on who you ask. Roe v. Wade was overturned earlier this year, prompting national debates on what rights a woman has over her body in situations involving abortions — years prior, the novel MeToo movement was introduced as a way to fight against the various types of sexual harassment women face. Now, a recent study has unveiled the difficulties women have when buying their first home, according to Consumer Affairs.
This study shows how long it takes for women to buy their first home and compares the average income of women per state to the average down payment for a house. These issues are exacerbated more in certain states than others, and the numbers show just how much longer women typically wait to buy their first home compared to their male counterparts. However, there are ways that women can combat the disparities they face in order to expedite the purchase of their first home.
This study took the average income of women in each state, compared it to the average down payment of a home, and found out how many years of saving it would take for them to afford a home, per Consumer Affairs. Women in Vermont were found to have an easier time, as most women making about $51,000 per year can afford a down payment on a home in a little over five years. However, a woman in Rhode Island with a similar salary may have to wait almost 30 years to purchase their first home.
Initially, you may believe it's because the downpayment for a home is much higher in Rhode Island. However, this state also has the biggest gender disparity when it comes to purchasing a home, as it takes women almost six years longer than men. Kentucky and Oklahoma also have this issue, as it takes women four to five years longer than men in those states. This comes as no surprise, as women are still earning less than men, per the AAUW.
Although some of these numbers may be discouraging, there are ways women can fight disparities in homeownership, per Consumer Affairs. It includes the obvious of making sure you're managing your money properly while also reducing spending. Getting in touch with a financial advisor may not be a bad idea, as they can help fast-track your savings rate. SmartAsset says financial advisors help clients manage their money and decide on their savings goals to create a financial plan.
Mortgage lenders are also a good option, as they can help you get the best rate and terms for the homes you're looking at. They are known to be flexible and act as your agent to provide you with the necessary knowledge about the housing market and what may work best for you, according to Moore Lending Group. However, always do your research before asking for help from anyone who may just be looking to make a quick dime.