While women continue to earn considerably less than men all across the U.S., the gender pay gap also has a major impact on women’s ability to afford housing on their own.
The joint study on housing affordability and gender, revealed that singles have a hard time escaping rent burden in almost every major city in the country, but for women it’s far worse.
Renting an average apartment on a median income is practically impossible for women in 48 out of the 50 biggest cities in the U.S. Men fare considerably better though, with 18 cities affordable for those who fully embrace the “man cave” philosophy and prefer living alone.
Highlights from the report include:
- The pay gap is alive and well in the modern economy: male employees earn $32,451 per year on avg., while their female colleagues take home almost $8,500 less – approx. $24,115/year.
- Out of the 50 biggest cities in the country, Wichita, KS and Tulsa, OK remain the only 2 burden-free options for single ladies who choose to rent on their own.
- Male renters in El Paso have no trouble paying rent, without raising any affordability questions; renting on a woman’s paycheck in El Paso on the other hand translates into a 44% rent burden.
- Surprisingly enough, buying would be a more sensible decision for both genders in El Paso as a mortgage eats up only 12% of men’s median income and 20% of women’s income in The Sun City.
- Gender inequality is even more poignant in Fort Worth, TX and Memphis, TN where men can easily buy or rent but women can do neither.
- Buying is generally more affordable than renting for both genders, but men again take the cake as they are able to buy a home in 35 cities whereas women can do so in only 26.
- The only cities where rents are cheaper than mortgage payments – Austin, New Orleans, San Francisco, LA, and Manhattan – are too pricey for singles to buy OR rent in, anyway.