New research has revealed a significant gender divide in home ownership across New Zealand, with young women far less likely than men to own the homes they live in.
According to a report by Juliet Speedy of Stuff, fresh data from property analytics firm Cotality shows a 20 per cent gap between young men and women when it comes to homeownership. Among millennials, around two-thirds of men own their home, compared with fewer than half of women. The divide is even more pronounced among Gen Z.
Cotality Chief Property Economist Kelvin Davidson says the findings are striking, particularly because women place a high value on owning property.
"Females rate property ownership actually more importantly than males. So that they've put a higher importance on property ownership throughout their lifetime. Yet the actual ownership rate of property is lower amongst females," as quoted by Stuff.
Financial journalist Frances Cook, who hosts the Making Cents podcast, says the disparity begins earlier than many might expect.
"When I first saw this, I was disappointed... a bit saddened ...but not necessarily surprised. I think it is a surprise how young this gap starts," Stuff has quoted.
Davidson says structural barriers continue to hold women back. Income differences remain a key factor, with only 12 percent of women earning more than $100,000 annually, compared with a quarter of men.
"There's still a gender wage gap across the country. It has closed, but it's still sitting at about 5%. So, similar jobs, females are still getting paid about 5% less, which obviously needs to be worked on further."
Knowledge gaps are also contributing to the divide. Sixteen percent of women who have not yet purchased a home say they do not know where to start, nearly three times the proportion of men.
The imbalance extends beyond first-home buyers. Young men are also more likely to own investment properties, suggesting the wealth gap could widen over time.
Cook says women often face additional financial pressures throughout their lives.
"Women get hit from every angle. Unfortunately, when it comes to our money, there are the impacts of divorce… We [also] just live longer… so it's really important that we do have a plan for our finances because the reality is a lot of women will be heading into older age and will need a plan to take care of themselves,” Cook said, Stuff has quoted.
Confidence levels also differ sharply. The survey found 16 percent of women feel unsure or overwhelmed when trying to buy a home, compared with just 6 percent of men.
“That's a huge gap and I do feel like we do see that in many areas of women's money lives… women often aren't encouraged to think about their finances … aren't encouraged to feel competent with their finances,” Cooke said, as quoted by Stuff.
Despite the challenges, data suggests women often perform strongly when they do enter the investment market.
"We know that earlier property ownership will help with longer-term outcomes in terms of wealth and stability of tenure," Davidson says, Stuff has quoted.
The findings highlight that while the goal of home ownership remains a cornerstone of the Kiwi dream, equal access to that dream is still out of reach for many women, as reported by Juliet Speedy of Stuff.