Single mom homeownership rate lags single dads

While single women are outpacing their male counterparts in obtaining homeownership, parenthood shifts the balance to the other side, and the financial differences play a large role, a LendingTree study found.

A November 2023 report from Maxwell, corroborated by a January 2024 LendingTree study, found that even though women earn less than men, their homeownership rates are higher.

Single women made up 22% of the homebuyer market during 2023, the Maxwell study found, with an annual growth rate of 10%. The growth rate for males was 7%.

Updating a previous LendingTree study done a year prior, the January report noted single women own 2.71 million more homes than single men, 10.95 million homes versus 8.24 million, or 12.93% compared with 10.22%.

But the study on single parents, while male-only households are far outnumbered by female-only in the nation's 50 most populated metro areas, 1.53 million to 4.23 million, the homeownership rates are far different, 49% to 35% respectively. LendingTree drew its conclusions from analyzing U.S. Census Bureau American Community Survey data.

"A variety of factors can keep homeownership out of reach for single mothers," Jacob Channel, LendingTree senior economist who authored the report, said in a statement.

"For example, today's high mortgage rates and limited housing supply can make it difficult for a single parent, regardless of their gender, to find and afford a place for them and their family to live," Channel continued. "Moreover, societal biases like workplace and lender discrimination against single moms can make buying even more difficult."

Given that women on average earn less than men, that creates another roadblock.

"Of course, this isn't to say homebuying is out of reach for single mothers, nor does it mean single dads always have an easier time financially than single moms," Channel said in the online report. "Regardless of gender, being a single parent is often challenging, especially when it comes to finances."

Among those top 50 metros, Minneapolis has the highest rate of homeownership among single mothers, just shy of 50%. Salt Lake City is next at 45.8%, followed by Denver at 45.5%.

While New York has the third lowest rate (at slightly more than 25%), by unit count it has the most single mom homeowners at 109,200. No. 2 Chicago has 84,451, with a rate close to the average at 37.4%.

The only metros with lower rates of single mothers owning homes than New York are Los Angeles, at 22.7%; and Memphis, Tennessee at 24.3%.