For many Australians, owning a home is a core part of building wealth, representing financial security, stability, and a comfortable retirement later on. However, this dream is quickly fading for Gen Z women (ages 18-29).
A recent report published by CoreLogic highlighted a significant gender gap in property ownership in Australia. Although Gen Z women (51.0%) acknowledged the greater importance of home ownership compared to Gen Z men (43.2%), property ownership tells a different story. In reality, only 27.3% of Gen Z women own at least one dwelling compared to their male counterparts at 51.6%.
Major hurdles of Gen Z women to property ownership
The survey reveals that 61.4% of Gen Z women are having difficulty entering the property market because of affordability constraints. This is different for young men as their common response for not buying a property is simply because they were not looking yet (44.3%).
Another notable challenge for women is the employment differences. Overall, Gen Z women had lower levels of income ($67.8k versus males $83.5k per year before tax) which makes it difficult to save for a deposit. Also, women had greater levels of part-time and casual employment (32.9% versus male 12.9%) which can lower the chances of getting a mortgage.
Closing the Gap: Property Ownership and Gender Equity
A closer look at property ownership uncovers a concerning gender gap in opportunities. While long-term government solutions are needed to address these major hurdles, equipping young women with financial knowledge at the high school and university level can empower them to make informed decisions and navigate the property market.
We want to hear from you! What do you think are the solutions that could help young women enter the property market?
This article was inspired by a recent article by CoreLogic found here.
