Solo Women Homebuyers Face Higher Mortgage Denial Rates, Study Finds
WASHINGTON D.C. - A new LendingTree study reveals solo women homebuyers are nearly 30% more likely to be denied a mortgage than their male counterparts, highlighting persistent disparities in the housing market. The findings, released today, underscore ongoing challenges for women seeking to achieve homeownership independently.
the study, analyzing 2024 data, found a 15.7% mortgage denial rate for solo female applicants compared to 12.1% for solo men. This gap translates to a 29.8% increased likelihood of denial for women. While solo men comprised a larger portion of potential homebuyers - 32.8% versus 21.9% for women (roughly 1.5 men for every woman) – women still secured $173.3 billion in mortgage debt last year, compared to $328.7 billion for men, resulting in 600,817 loans for women and 949,477 for men.
The disparities aren’t uniform across the country. Louisiana, mississippi, and Alabama exhibit the largest differences in denial rates between genders. Conversely, six states – D.C., Alaska, Hawaii, Vermont, Maine, and Rhode Island – show higher denial rates for solo male applicants. Notably, Washington, D.C. is the only location in the U.S. where more solo women than men applied for mortgages,while Utah has the largest gap,with twice as many solo male applicants as female.
Thes findings come as potential homebuyers increasingly express frustration with market conditions, with a recent survey indicating many are giving up on their homeownership dreams altogether. The LendingTree report serves as a critical reminder of the systemic hurdles that can disproportionately impact women navigating the mortgage process.
source: LendingTree.
