Report: Grand Rapids has 19th fewest female shoppers
Women own fewer homes in Grand Rapids than most major metros, recent report says
The report, published by home inspection website Inspection Support Network, ranked Grand Rapids 19th for the fewest female buyers among all major U.S. metros.
Women’s share of home purchase loans in the Greater Rapids-Kentwood metropolitan area was 21.3%, which is slightly lower than the national figure of 21.4%, and the total number of loans for home purchase by women was 3,155 in 2020. The median loan size for female borrowers is $165,000. The median loan-to-value ratio for female borrowers is 90% and the median interest rate for female borrowers is 3.25%.
Nationally, the total number of loans to women for the purchase of a home was 754,170 in 2020. The median loan-to-value ratio for women borrowers was 88% and the median interest rate for female borrowers is 3.25%.
According to the report, the average loan-to-value ratio is 85% for male loan applicants and 80% for co-applicants, suggesting that women buy less money when buying a home than their male or female counterparts. spouses.
The median home loan among female loan seekers in the United States is $215,000, the median loan amount for their male counterparts is $245,000, and co-applicants have a median loan amount of $285,000.
Women make up 21.4% of home loans in the United States, while men make up 31.4% of all applicants. Co-applicants are responsible for 39.3% of home purchase loans and 7.9% did not disclose their gender, according to data from the Home Mortgage Disclosure Act.
Top 10 major metropolises for women shoppers
- Atlanta-Sandy Springs-Alpharetta, Georgia
- Buffalo Cheektowaga, New York
- Las Vegas-Henderson-Paradise, Nevada
- Rochester, NY
- Richmond, Virginia
- Tampa-St. Petersburg-Clearwater, Florida
- Baltimore-Columbia-Towson, Maryland
- Louisville/Jefferson County, Kentucky and Indiana
- Virginia Beach-Norfolk-Newport News, Virginia and North Carolina
- Cleveland-Elyria, Ohio
Top 10 major metropolises for female homebuyers
- Los Angeles-Long Beach-Anaheim, CA
- Dallas-Fort Worth-Arlington, TX
- Salt Lake City, UT
- Austin-Round Rock-Georgetown, Texas
- Oklahoma City
- Tulsa, Oklahoma
- Seattle-Tacoma-Bellevue, Washington
- San Diego-Chula Vista-Carlsbad, CA
- San Francisco-Oakland-Berkeley, California
- San Jose-Sunnyvale-Santa Clara, CA
Data for this analysis comes from the Federal Financial Institutions Examination Council’s Home Mortgage Disclosure Act. Only conventional home loans approved in 2020 were considered.
To determine which locations have the most female buyers, Inspection Support Network researchers calculated the share of women in home purchase loans, including single women and women with one or more several female co-applicants. In the event of a tie, the location with the highest total loans to women to purchase a home was ranked higher.
The full report is available here.