New research reveals how millennial females must save an extra eight months for their first home compared to their male counterparts.
The research found it takes the average British female 3 years and 8 months to save a 10% deposit while renting, whereas it would take their male counterparts 3 years to save for the same house.
The research by Compare My Move explores how the gender pay gap affects millennials saving for their first home across the largest towns and cities in the UK.
The gender pay gap for 22 to 29-year-old full-time employees means female savers have around £100 less to put towards their deposit each month.
The research shows how female first-time buyers struggle most in areas with high house prices, living costs, and large regional gender pay gap.
It takes the average female first time buyer in Doncaster an additional 5 months to save for a 10% deposit over their male counterparts. The gender pay gap means females in Doncaster have around £95 less to put into savings each month.
The difference is stark in areas where house prices greatly outstrip average millennial wages. Cambridge is the worst place for female first time buyers, taking millennial women 11 years and 9 months to save the average 10% deposit in the area, a whole 3 years and 10 months longer than their male counterparts. In contrast, the research crowns Dundee as the most equal for first time buyers, with female millennials having to save “only” an extra month over their male counterparts.
Compare My Move explored the saving journey of young men and women renting in areas they are looking to buy a home. The research uses living costs associated with leading a normal life including food, travel, rent and socialising. We used regional wage data for 22 to 29-year-old male and females and the latest official first time buyer house prices to explore how the gender pay gap is causing hardship for first time buyers.