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

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?

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.

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.

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.

The post This is how long it will take a women to save for a home compared to a man appeared first on Ideal Home.

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