This is how long it will take a woman to save for a home compared to a man

What the gender pay gap means for women looking to buy a home
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  • New research reveals how much longer women will need to save for a deposit than a man, due to the gender pay gap.

    Related: Experts reveal why first-time buyers should be looking to buy now

    Online Mortgage Advisor carried out research to uncover the knock-on effect of the gender pay gap on women and men entering the property market. The research found that it would take the average woman in full-time work nearly eight months longer than their male counterparts to afford their first home.

    Gender pay gap – How much longer do women have to save for a house?

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    Image credit: Chris Snook

    Using ONS gender pay gap data the researchers found that there is a 10.68 per cent pay gap between the average man and woman in full-time work. This means that women are paid roughly £1.72 less per hour than men. That might sound like a small amount, but when saving up for a house it can make a bit difference.

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    Image credit: Future plc

    It would take a man on an average salary of 6 years, 1 month and 22 days to save up for an 18 per cent deposit on a property worth £235,673. However, for women on an average salary, it would take an estimated 6 years, 9 months and 18 days.

    Legal professionals were found to be the best paid jobs in the UK among women with an average hourly salary of £38.38. But even in this job, it would take a woman 3 months and 18 days longer for a deposit than their male counterparts, earning on average £42.18 an hour.

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    Image credit: Future plc

    In the health and social service sector, were 79 per cent of the jobs are held by women, it would still take longer to save for a home. Online Mortgage Advisor found that women would need to save over 8 months longer than their male co-workers to get a foot on the property ladder.

    Related: Virtual house viewings are the new norm, but would you put in an offer without stepping inside?

    This show just another way the gender pay gap is disadvantaging women.

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