Achieving homeownership and the security that comes with it is far more difficult for women to realize than for men in similar situations. Here are just a few reasons why:
- Men earn more on average than women, resulting in access to higher credit, loans with better terms, and higher-quality homes, and safer neighborhoods.
- 80% of single-parent households are headed by women and women are twice as likely to be the primary caretaker for an elderly parent. This can limit a woman’s ability to dedicate the necessary time to obtaining and maintaining consistent employment.
- Single women are denied mortgages at higher rates than single men despite the fact that studies show that women are more reliable at paying back mortgages.
Homeownership is one of the most powerful tools a person can use to build a stronger future; it improves financial, educational, social, and health outcomes for households and communities. However, factors like those listed above hinder many women in their efforts to provide an affordable home for themselves and their families.
Women Build is one small step toward raising awareness and ensuring that more woman-led families in our community have the opportunity to provide bright futures for themselves and their families through the foundation of homeownership.
Meghan Parrilla