Subjects: SVY, WOM
Redfin Report: McAllen, Texas, Salt Lake City and Grand Rapids Have the Highest Homeownership Rates for Single Mothers
SEATTLE, June 24, 2019 /PRNewswire/ -- (NASDAQ: RDFN) ? Just 31.1 percent of single mothers nationwide owned homes in 2017, on par with the 2016 rate and down from 35.5 percent in 2010, according to a new report from Redfin (www.redfin.com), the technology-powered real estate brokerage.
At 63.9 percent, the overall homeownership rate for households across the country was more than double that of single mothers, though it was also down from nearly 70 percent in 2010. Over the same time period, the national median home price rose by more than 40 percent.
The metros with the highest rates of homeownership among single moms tend to be relatively affordable. McAllen, Texas, where the typical home sells for $165,000, has the highest homeownership rate among metro areas with at least 20,000 single mothers in 2017, with 46.6 percent of single moms owning homes. That's followed by Salt Lake City (41.7%), Grand Rapids (41.5%) and Minneapolis (40.3%). All but two (El Paso and San Antonio) of the top 10 metros for single-mom homeownership have higher-than-national overall homeownership rates as well.
The four metros with the lowest rates of single-mom homeownership are all in California: Fresno (20.5%), Los Angeles (20.7%), San Diego (22.4%) and Bakersfield (22.6%). The metros with the lowest rates of homeownership among single mothers all have overall homeownership rates below the national rate.
"Although more single moms have entered the workforce since 2015, thanks in part to a growing economy, single mothers haven't yet been able to gain increased wealth through equity from homeownership. That's because in many expensive metros, single moms aren't able to access the benefits of homeownership due to a lack of affordable homes for sale," said Redfin chief economist Daryl Fairweather. "But in areas like Salt Lake City and Minneapolis, single moms are better able to afford a home without a dual income or financial support from a partner. Beyond being a primary source for building wealth, owning a home can provide some necessary stability for children because homeowners have predictable monthly mortgage payments and don't have to worry about a landlord raising rent or selling their home."
10 metros with the highest rates of homeownership for single mothers | ||||
Metro | Homeownership rate among single mothers (2017) | Percentage point change in homeownership rate among single mothers from 2010 to 2017 | Overall household homeownership rate (2017) | Median home price (May 2019) |
McAllen, TX | 46.6% | -2.2 pts. | 67.5% | $165,000 |
Salt Lake City, UT | 41.7% | -1.5 pts. | 67.1% | $335,000 |
Grand Rapids, MI | 41.5% | -0.8 pts. | 80.4% | $220,000 |
Minneapolis, MN | 40.3% | -3.8 pts. | 69.9% | $285,000 |
Albuquerque, NM | 40% | -7.1 pts. | 67.1% | $240,000* |
El Paso, TX | 40% | 2.5 pts. | 61.6% | $167,000 |
Baton Rouge, LA | 38.5% | 0.1 pts. | 67.8% | $215,000 |
Columbia, SC | 36.9% | -0.9 pts. | 67.2% | $205,000** |
Pittsburgh, PA | 36.8% | -1 pt. | 69.9% | $182,000 |
San Antonio, TX | 36.7% | -0.8 pts. | 62.6% | $235,000 |
Philadelphia, PA | 36.4% | -6 pts. | 67.3% | $226,000 |
*Median list price in the city of Albuquerque, New Mexico for the last 30 days **Median list price in the city of Columbia, South Carolina for the last 30 days | ||||
10 metros with the lowest rates of homeownership for single mothers | ||||
Metro | Homeownership rate among single mothers | Percentage point change in homeownership rate among single mothers from 2010 to 2017 | Overall household homeownership rate | Median home price |
Fresno, CA | 20.5% | -0.5 pts. | 53% | $280,000 |
Los Angeles, CA | 20.7% | -4.4 pts. | 48.6% | $625,000 |
San Diego, CA | 22.4% | -4.3 pts. | 53% | $585,000 |
Bakersfield, CA | 22.6% | -4.6 pts. | 57.2% | $235,000 |
Memphis, TN | 25.1% | -9.7 pts. | 60.3% | $198,000 |
Las Vegas, NV | 25.1% | -7.1 pts. | 52.7% | $285,000 |
Dayton, OH | 25.3% | -5.8 pts. | 63.4% | $150,000 |
Milwaukee, WI | 25.6% | -2.6 pts. | 60.1% | $234,000 |
Virginia Beach, VA | 25.7% | -6.5 pts. | 61.5% | $280,000 |
Sacramento, CA | 26.4% | -5.5 pts. | 59.5% | $415,000 |
To read the full report, with additional metro-level data and analysis, please visit: https://www.redfin.com/blog/single-mother-homeownership-rate-us.
About Redfin
Redfin (www.redfin.com) is a technology-powered real estate brokerage, combining its own full-service agents with modern technology to redefine real estate in the consumer's favor. Founded by software engineers, Redfin has the country's #1 brokerage website and offers a host of online tools to consumers, including the Redfin Estimate, the automated home-value estimate with the industry's lowest published error rate for listed homes. Homebuyers and sellers enjoy a full-service, technology-powered experience from Redfin real estate agents, while saving thousands in commissions. Redfin serves more than 85 major metro areas across the U.S. and Canada. The company has closed more than $85 billion in home sales.
For more information or to contact a local Redfin real estate agent, visit www.redfin.com. To learn about housing market trends and download data, visit the Redfin Data Center. To be added to Redfin's press release distribution list, subscribe here. To view Redfin's press center, click here.
SOURCE Redfin
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