The gender pay gap continues to constrain female ownership of property, according to a new report released by the leading real estate researcher, CoreLogic.
Challenges to gender equity in property ownership were most significant among the Gen Z cohort, according to CoreLogic.
While more than half of Gen Z males owned a dwelling (51.6%), only a quarter of women had achieved the same goal (27.3%).
CoreLogic said there was a need for a “targeted solution to address gender disparities” as home ownership constitutes 56.7% of household wealth.
It was a “proven source of wealth and security and a vital part of a comfortable retirement” that Gen Z women found harder to access than men.
When it comes to investing, men lead the way again. The “Women & Property” study, released for the recent International Women’s Day, said 14.1% of males had at least one investment property compared with 12.5% of women.
Across the population, 68.2% of women owned at least one property – including owner-occupied and investment properties – slightly higher than men at 67.4%.
This result is heavily influenced by co-ownership. More women (53.3%) are likely to co-own residential property than men (51.9%). Women trail men in sole ownership.
CoreLogic said its latest survey highlighted “crucial questions about the accessibility of property ownership for women across generations, and the challenges faced for early entry into the market”.
Ownership increases with age, with the portion of millennial women (30-44) who own at least one dwelling rising to 72.5% (versus 63.5% men) and Gen X women rising to 75.8% (versus 69% men). Predictably, Baby Boomers enjoyed the highest rate of property ownership at 83.3% (versus 84.5% men).
CoreLogic said it was “reassuring” that gender-based ownership rates evened out over time.
Below are some other report highlights:
- Women (75.4%) prioritised home ownership more than men (66%).
- Property value among females was $1,046,547, slightly lower than for males ($1,071,912).
- Female housing debt was $256,541, compared with $237,230 for men.
- Overall females (68.2%) had slightly higher ownership rates than males (67.4%).
- Joint ownership is more common among females (53.3%) than males (51.9%), posing potential risks during relationship breakdowns.
- Across all age groups, males have a higher rate of sole property ownership (51.9%) than females (50.2%).
- 81.8% of co-owned properties by females were owned with a husband or male partner, and 14.5% were owned with a wife or female partner.
- For males, 79.8% of properties were owned with a wife or female partner, and 13.4% were owned with a male partner.
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