Homeownership remains a common aspiration for many Americans, yet it is often difficult to obtain. This is especially true for single parents, who often have less money to purchase a home than married couples. This is according to Jacob Channel, Senior Economist for LendingTree.
We’ve previously discussed single-parent problems, and discovered that the majority of single mothers do not own a home. With Father’s Day approaching, LendingTree revisited single-parent homeowners, specifically single fathers. LendingTree used the most recent U.S. Census Bureau American Community Survey data to examine homeownership rates among men who live without a spouse in a household with children under 18.
According to data, there are fewer single-dad households in the country’s 50 major metro areas than single-mom households. Furthermore, single fathers are more likely than single mothers to earn higher incomes and own their own homes.
U.S. Metro-Level Highlights
- Across the nation’s 50 largest metros, 1.53 million households are occupied by single fathers and their children younger than 18. Of those households, about 754,000 are owner-occupied. That means the homeownership rate among single dads is about 49%.
- Comparatively, 4.23 million households are occupied by single mothers and their under-18 children. However, the homeownership rate among this group is lower, at about 34%. In other words, while there are more single-mom households in the U.S. than single-dad ones, single dads are more likely to be homeowners relative to the size of their population. That said, the homeownership rate among single mothers and fathers is considerably lower than the 76% among married couples with children.
- Homeownership rates are highest among single fathers in Minneapolis, Pittsburgh, and Cleveland. The homeownership rate for single dads in these metros averages 68.70%. Conversely, homeownership rates among single dads are lowest in Los Angeles, San Jose, CA, and Orlando, FL, averaging 32.53%.
- New York, Chicago and Los Angeles have the most single-dad homeowners. 126,107 single dads across these metros live in owner-occupied homes. That’s 113,201 more than the number of single-dad homeowners in Birmingham, AL, San Jose, CA, and Raleigh, NC.
- Incomes for single-dad households are highest in San Jose, CA, Washington, D.C., and San Francisco. The median incomes for households headed by single dads in these metros are $87,426, $79,027 and $77,698, respectively. In contrast, median incomes for single-dad households are lowest in Birmingham, AL, Oklahoma City, and Memphis, TN, at $37,760, $42,308 and $46,932, respectively.
Metros with the Highest Homeownership Rates Among Single Dads
1. Minneapolis
- Total households occupied by single dads: 31,501
- Total households owned and occupied by single dads: 22,187
- Homeownership rate among single dads: 70.43%
- Median household income for single-dad households: $71,157
2. Pittsburgh
- Total households occupied by single dads: 17,212
- Total households owned and occupied by single dads: 11,682
- Homeownership rate among single dads: 67.87%
- Median household income for single-dad households: $58,128
3. Cleveland
- Total households occupied by single dads: 18,078
- Total households owned and occupied by single dads: 12,254
- Homeownership rate among single dads: 67.78%
- Median household income for single-dad households: $52,981
Metros with the Lowest Homeownership Rates Among Single Dads
1. Los Angeles
- Total households occupied by single dads: 111,185
- Total households owned and occupied by single dads: 32,315
- Homeownership rate among single dads: 29.06%
- Median household income for single-dad households: $56,189
2. San Jose, CA
- Total households occupied by single dads: 12,903
- Total households owned and occupied by single dads: 3,990
- Homeownership rate among single dads: 30.92%
- Median household income for single-dad households: $87,426
3. Orlando, FL
- Total households occupied by single dads: 22,874
- Total households owned and occupied by single dads: 8,599
- Homeownership rate among single dads: 37.59%
- Median household income for single-dad households: $47,400
Single Dads Have Some Economic Advantages Over Single Moms, But Challenges Remain
According to the report, single fathers have greater homeownership rates than single mothers. This is despite the fact that single-mother families outnumber those with single fathers.
One explanation for this is that lone fathers typically earn more money than single mothers. The typical income for a single mother in the U.S. is $36,393; for single fathers, it is $18,906 more at $55,299. Similarly, single fathers are more likely to work than single mothers.
Single dads, like any other demographic, are not a homogeneous group. Though some people prosper financially, that doesn’t imply others don’t struggle. On the contrary, due to current high housing and child care prices, many single parents, regardless of gender, will find it difficult to cover the expenditures of raising a child.
Furthermore, societal stigmas—apart from financial concerns—can make parenting difficult for single fathers. For example, single males who seek for social services frequently report feeling unfairly treated or having to go through more hoops than single mothers to receive assistance.
To read the full report, including more data, charts, and methodology, click here.
The post Single Dads & Single Moms: Who Is More Likely to Be a Homeowner? first appeared on The MortgagePoint.
