You are here: Home - Mortgages - First Time Buyer - News -

Women spend more of their salary on rent than men

Written by: Emma Lunn
Millennial women spend a higher proportion of their salary on rent than men.

The gender pay gap has created a knock-on “gender rent gap” according to research by SpareRoom conducted with 6,000 millennial flatsharers.

It found one in four (27 per cent) females are spending more than half of their salary on rent, compared to just 17 per cent of males.

Millions of people flatshare and, when it comes to the cost of rent, flatmates typically split the costs equally, regardless of gender. However, SpareRoom says that women earning less than men means they are more rent burdened, which has a severe knock on effect on the rest of their lives.

More than a third (36 per cent) millennial women don’t consider their rent to be affordable, compared to 30 per cent of men. What’s more, more than half (56 per cent) of men said they’d be able to afford to rent on their own if they chose to, compared to just 39 per cent of women.

The figures show the barriers to female homeownership are the same. Almost half (47 per cent) of millennial women admit they’d only be able to afford a deposit if they teamed up with a partner, compared to just a third (37 per cent) of men.

Among those who don’t expect to buy, 60 per cent of millennial women said it’s because they don’t earn enough to get a mortgage, compared to 51 per cent of men.

Additional findings from the research reveal how one in four millennial females (26 per cent) have an annual pre-tax income of over £30,000, compared to 34 per cent of male flatsharers.

Miriam Tierney, SpareRoom spokesperson, said: “This research shows just how far the consequences of the gender pay gap extend. It’s not just about how much you earn, it’s about how that affects the fundamental things in life. In simple terms, it’s relatively more expensive to rent in the UK if you’re female. That means the one thing at the heart of all our lives, having a secure, affordable home, is harder for some people, simply because of their gender.”

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

The savings accounts paying the most interest

If one of your jobs this month is to get your finances in order, moving your savings to a higher paying deal i...

Coronavirus and your finances: what help can you get?

News and updates on everything to do with coronavirus and your personal finances.

Everything you need to know about being furloughed

If you’ve been ‘furloughed’ by your company, here’s what it means…

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Money Tips of the Week

Read previous post:
fixed rate
Inflation-beating returns may not be here for long

Moneyfacts is urging savers to lock into fixed rate bonds in a bid to beat inflation.