One in four (27%) females are spending more than half of their salary on rent, compared with just 17% of males, according to new research by SpareRoom.
The comprehensive survey – which polled 6,000 millennials – revealed that the gender pay gap has created a gender rent gap. Women earning less than men means they are more rent burdened, which can have a severe knock-on effect on their lives.
One in three (36%) millennial women don’t consider their rent to be affordable, compared to 30% of men. And, while millions of people flatshare and typically split the cost of rent equally, over half (56%) of men said they’d be able to afford to rent on their own if they chose to, compared with just 39% of women.
The figures show the barriers to female homeownership are the same. Almost half (47%) of millennial women admit they’d only be able to afford a deposit if they teamed up with a partner, compared to just one third (37%) of men.
Among those who don’t expect to buy, 60% of millennial women said it’s because they don’t earn enough to get a mortgage, compared to 51% of men.
Further results from the study found that just one in four millennial females (26%) have an annual pre-tax income of over £30,000, compared to 34% of male flatsharers.
Miriam Tierney, spokesperson of SpareRoom, says the research shows that it’s not just about how much you earn, it’s about how that affects the fundamental things in life.
She adds: “In simple terms, it’s relatively more expensive to rent in the UK if you’re female. That means the one thing at the heart of all our lives, having a secure, affordable home, is harder for some people, simply because of their gender.”
Property Investor Today is currently running a Women in Property Investment series focusing on how women are breaking down barriers in all areas of the property investment world. To read the latest instalment, click here.