This Is How Much More Women Spend on Housing Than Men

With housing prices skyrocketing in the last few years, it’s evident that Americans are spending more on living expenses — but there are some notable standouts.

According to a survey from CardRates.com, over 76% of Americans admitted to spending more than 31% of their monthly income on housing costs . This is significant because the general guidelines from experts suggest that your housing expenses (mortgage, property taxes, utilities and insurance) shouldn’t be more than 30% of your pay. A recent study from CardRates.com revealed how much men and women spend on housing expenses.

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Here, we will explore the amount women and men spend on housing and the possible reasons why females spend more in this category .

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Men vs. Women: Breaking Down Their Spending on Housing

Here are some of the stats worth pointing out on how much women spend on housing:

• Nearly 79% of women spend over 31% of their monthly salaries on housing costs, much higher than the 71% of men.
• Nearly 12% of women shared that they spend between 61% and 70% of their monthly income on housing costs.
• Nearly 14% of women spend between 71% and 80% of their monthly pay on housing costs, while only 10% of men admit to spending this much.
• 10% of women spend between 81% and 90% of their monthly income on housing costs, while 9.7% of men fall into this category.
• 9% of women spend almost their entire monthly income on housing expenses, while only 2.5% of men said they spent between 91% and 100%.

Based on the survey results, it appears women spend a higher percentage of their monthly salary on housing costs. We contacted experts to find additional insights on possible reasons why women are spending so much on housing.

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Women Are Willing To Make Sacrifices

“According to the Urban Institute, women are more likely to make financial sacrifices to achieve homeownership than men, despite earning less,” said Anna DeSimone , author of “Closing the Gap in Homeownership – Re-writing the Rules Against Mortgage Discrimination.” She said, “As of January 2024, single women own approximately 2.71 million more homes than single men across all 50 states, based on census data.”

Women are more willing to make sacrifices in other spending categories as long as they can purchase a home that meets their standards and needs, which may lead to them spending a higher percentage of their monthly salary to afford this property. It’s also important to point out that data from the U.S. Bureau of Labor Statistics shows that women’s median weekly earnings are more than 83% of men’s.

Abid Salah, the co-founder and CEO of FinlyWealth , elaborated on this. “Despite progress, women often earn less than their male counterparts, which means they may need to allocate a larger percentage of their income to secure suitable housing. This disparity can lead to women spending more of their earnings on rent or mortgage payments to maintain a comparable standard of living.”

Women Will Pay for Safety and Security

DeSimone also pointed out that women are willing to pay more for health and safety.

“Whether renting an apartment or paying a mortgage on a house, they want a better quality of life. Their priorities include indoor air quality, environmentally friendly construction and utilities, safe outdoor spaces, and community engagement,” she added.

With a focus on personal safety and security, women may spend more on housing monthly since these features come with an added cost that may not be a concern for men.

“Personal safety is something that women in general have to consider a lot more heavily than men, so a lot of women feel like they can’t afford, so to speak, to live in cheaper housing situations,” remarked Seamus Nally, CEO of TurboTenant . “Spending less on housing often means giving up things like a doorman, restricted property access, and general feelings of privacy and security. So, understandably, women choose to value their own feelings of safety over sticking to that 30% rule.”

Larry Mastropieri, a real estate broker and owner of DiscoverSouthFlorida.com , agreed that he’s noticed distinctive patterns in the buying behaviors of female clients. He said one of the leading personal needs for women is safety. As a result, they’re willing to spend more and even commute to their jobs as long as they’re in a safer environment.

“Many women are particularly dedicated to finding homes that meet their personal and family needs, often resulting in them stretching their budgets more than the typical 30% guideline,” Mastropieri explained.

Women Will Spend More on a Home That Fits Their Long-Term Goals

“I see firsthand that female buyers are sometimes willing to spend a higher percentage of their income on housing, which reflects their commitment to securing a property that truly fits their lifestyle and long-term goals, as they are more focused on buying a home instead of just a house,” Mastropieri remarked.

It’s believed that women will make the necessary sacrifices to purchase a home that they can hold on to for the long term instead of settling for what comes their way.

“In my experience, women also tend to view homes as long-term investments and are willing to spend more to ensure comfort and stability for themselves and their families,” shared Kim Maine, a professional bookkeeper at Numble Bookkeeping Services . “Additionally, women are increasingly becoming primary breadwinners and sole decision-makers, which leads them to make substantial investments in housing to provide a solid foundation.”

The experts agree that women will prioritize safety and long-term considerations when deciding on the type of housing situation they live in. This could lead to them spending more of their income on housing-related expenses.

Mastropieri said he prioritizes his clients navigate this balance of safety and pricing by advising them on financial management strategies, exploring first-time homebuyer programs, and ensuring they make informed decisions that support their dream home aspirations and overall financial health.

This article originally appeared on GOBankingRates.com : This Is How Much More Women Spend on Housing Than Men