COLORADO SPRINGS, Colo. (KRDO) -- According to a new report by Porch, Colorado Springs has the third largest gender homeownership gap out of all midsize metros in the U.S.
Because of combined financial resources, married couples tend to have higher rates of homeownership and can afford more expensive homes. For singles though, the U.S. sees a gap between homeownership rates by gender.
According to this report, the percentage of female homeowners has exceeded the share of single male homeowners dating back at least 45 years and more than half of single women have been homeowners in all but five years since 1976. Homeownership rates for single men have never topped 50% during that time. In 2021, 55.1% of single females owned a home, compared to 48.6% of single males.
The report states that the gap in homeownership also varies across different regions of the country. Northern states in the Midwest and Northeast tend to have smaller gaps between the homeownership rates for men and women, whereas states in the south and southwest tend to have the largest gaps. In one state, Minnesota, the homeownership rate for men exceeds the rate for women, according to the report.
The state that leads the U.S. in the size of the gender homeownership gap is Hawaii, where the homeownership rate for women is 8.7 percentage points higher than for men. At the local level, cities in the South and Southwest also make up the bulk of the locations with the largest gender homeownership gap.
According to the Porch report, the homeownership rate among single females in the Colorado Springs metro area is 57.69%, compared to 47.04% for single men. This gives Colorado Springs the third largest gender homeownership gap among all midsize metros in the U.S.
A summary of the data for the Colorado Springs metro area can be seen below.
- Female homeownership gap (percentage points): 10.65
- Single female homeownership rate: 57.69%
- Single male homeownership rate: 47.04%
- Median property value for single women: $230,000
- Median property value for single men: $250,000
For comparison, these are the statistics for the entire U.S.
- Female homeownership gap (percentage points): 5.66
- Single female homeownership rate: 54.04%
- Single male homeownership rate: 48.39%
- Median property value for single women: $175,000
- Median property value for single men: $175,000