With all the debate about the gender pay gap recently, along with the widespread recognition of International Women’s Day on March the 8th, we thought this would be a timely opportunity to share some numbers with you which show a clear gender gap in the housing market, but this time in favour of the female half of the population!
According to national data gathered from the 2016 Census by the Australian Bureau of Statistics, (ABS), 60 per cent of Australian women own their home, whether with a mortgage or debt-free. The comparable figure for men is 56 per cent of men.
The ABS figures indicate that home ownership is higher for women than men in all age groups up to age 65; and that women also tend to pay off their mortgages earlier. Even in the under-35 age bracket, 27 per cent of women own their home compared with 21 per cent of men.
Men in the 65 to 75 age bracket are slightly more likely to own their home than women of the same age, and the gap widens as we get older, despite the fact that women tend to live longer.
Obviously, where a couple jointly owns a property they are both counted as home owners, so these figures would suggest that single women are more likely to own their home than single men, unless they are mothers. Nearly half of single fathers own a home, compared with 40 per cent of single mothers.
For those who like to follow trends over time, the Census figures in 2011 indicated that 61 per cent of women owned their own home, compared with 58 per cent of men. So, while both figures have dropped slightly, it seems that men have dropped out of the property market at twice the rate of women.
I seems that the property market is one ‘glass ceiling’ that has been well and truly shattered in recent years!
Don’t forget that if you are looking for more insights into the way that the Australian property market works, particularly if you are planning on selling in the near future, our booklet Fatal Real Estate Traps Exposed is full of helpful tips. Feel free to download a copy while you’re on our website.