Millennial men more poised for homeownership, but women aren’t far behind
Millennial men may be leading their female counterparts, but the playing field may soon level out.
According to a recent report from Lending Tree, 55 percent of millennial men are homeowners, compared to 44 percent of female millennials. However, LendingTree found that women are twice as likely to be living with friends or family, usually rent-free, hence the gap in homeownership rates.
Despite higher rates of homeownership, millennial men have less total debt, with an average of $53,017, while millennial women owe an average of $68,834. Of their total debt, both owe back student loans, men have an average of $8,500 in student loan debt, while women have an average of $14,758 in student loan debt.
Yet, millennial women have better credit scores on average. More than one-third (36 percent) have a credit score of 700 or higher, while only 30 percent of men fall in that category. However, more men in this age group, 82 percent, know their credit score, while only 76 percent of women do.
Not surprisingly, the gender pay gap is also prevalent among millennials. While 57.3 percent of millennial males make at least $50,000 a year, only 42.1 percent of millennial females do as well.
Men in this age group said their top financial priority is increasing their income, followed by putting more money into savings and paying off credit card debt. Women said putting more money into savings, followed by paying off their credit card debt and then increasing their income are their top financial priorities. Men are also more convinced than their female counterparts that they can pay down debt, and are also more satisfied with their current financial situation. Women feel more frustrated with their debt, 22.7 percent of women reported feeling this way, compared to 17.24 percent of men.
Despite men having the lead in homeownership and salaries, along with less debt, the report said women’s higher credit scores and dedication to savings and increasing income may have them catching up to their male peers sooner rather than later.