Report: starter homes unaffordable for women in Milwaukee

One of nine cities in country with distinction

Single women cannot afford to buy a one-bedroom home in Milwaukee, according to a new report by real estate data site PropertyShark.

Milwaukee is one of nine cities in the country where single men can afford to buy a one-bedroom home, but women cannot, according to the report. The other cities are: Chicago, Houston, Fort Worth, Seattle, Denver, Memphis, Nashville and Sacramento.

A home for sale in Milwaukee’s Bay View neighborhood.
A home for sale in Milwaukee’s Bay View neighborhood.

The trend is attributed to the fact that women earn significantly less than men across the country.

Other Midwestern cities, including Minneapolis, Indianapolis and Detroit, were more affordable for single women, according to the report. Both men and women could afford a to buy a one-bedroom home in those cities.

According to the report, however, neither single men nor single women can afford to rent a one-bedroom home in Milwaukee.

The report, which included the 50 largest U.S. cities, looked at median incomes for men and women in the U.S. Census Bureau database for 2015, then compared them to median asking prices for starter homes. A home was considered unaffordable if the monthly mortgage payment on a 30-year mortgage (with a 20 percent down payment and a 4 percent fixed annual interest rate) was more than 30 percent of monthly income.

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Molly Dill, former BizTimes Milwaukee managing editor.

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