Women pay up to $37,000 more than men in mortgage rates, buying and selling a home, and different car ownership costs, including repairs, buying a new vehicle, and insurance. Women also upcharged by up to $7,800 in car ownership costs, paying more for car insurance, repairs and maintenance, and car buying.
Single women pay 2% more for homes than men and sell for 2% less
The specific amount that a woman loses out on in the buying and selling home process depends on the housing market in each state. However, the percentage in buying and selling remains the same for women regardless of other demographic factors, including race, income, and education. According to the authors of the study, women consistently buy for 2% more and sell for 2% less than men. This might be a result of women being held to higher expectations of generosity in the buying or selling process than men. Other implicit biases might also be at play. In any case, it indicates a significant pink tax on women who are buying and selling homes.
Women have 0.04% higher interest rates on mortgages
Data from the Home Mortgage Disclosure Act shows that women have 0.04% higher interest rates on their mortgages when compared to men. Coupled with median home prices per state, women are paying up to $5,100 more for their mortgages over 30-year loan periods
As a result, women consistently spend more money on the same value of home than men, up to over $5,000.
Women pay up to $7,800 more than men for car ownership
Although the pink tax has a heavy impact on women who own cars and homes, there are a few ways to avoid price markups.
This study used data from World Population Review to ascertain the median home prices in each state, and used a study from Yale School of Management and data from the Home Mortgage Disclosure Act to calculate the prices by state. We also used studies from Yale and the National Bureau of Economic Research, as well as our own internal data, to calculate the pink tax on car ownership.