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Data shows that a man is 50% more likely to buy a home without a cosigner than a woman. But not all cities in the US share this home buying imbalance.

One of the worst home buying mistakes you can make is to buy a home you cannot afford. Of course, both you and the home loan originator will work to make sure you can afford your mortgage but sometimes mistakes happen. Data suggests women are more likely to buy a home which limits their long-term financial flexibility than men are. On average women have mortgage-to-income ratios 7% larger than men.

Where women are buying homes in the United States:

1. Santa Fe, New Mexico

287 women bought homes in Santa Fe in 2016 without a cosigner, compared to 269 men. This means women bought homes around 6.7% more than men. Men who bought homes in Santa Fe still had higher average incomes and as a result tended to buy more expensive homes.

The average female who bought a home in Santa Fe had an income of $81,100 and took out a mortgage of $239,500. The average male had an income of $92,400 and took out a mortgage of $255,300. This state is also a good place for women to buy homes, as New Mexico has some of the lowest property tax rates in the country.

2. Santa Rosa, California

With 739 mortgages going to women and 727 going to men, women outbought men by about 1.6%.

Both men and women in Santa Rosa earn large sums. The average single man buying a home without a cosigner earned $126,000 and the average woman in the same context earned $109,300. Both men and women in this metro area may be buying homes they cannot afford. The average mortgage-to-income ratio in Santa Rosa was 3.5 for women and 3.45 for men. Assuming a 20% down payment, this would mean the total home value is 4.4 times women’s average income and 4.3 for men. As we mentioned earlier, this is higher than most experts recommend.

3. The Villages, Florida

The Villages is a retirement community located in central Florida. Men without a cosigner bought homes 1.3% more often than women did.

Income inequality for homebuyers in The Villages is slightly better than the national average. The average home-buying female had an income equal to 89% of the average home-buying male income. While that figure isn’t ideal, it is the second-lowest figure in the top 10.

4. Hot Springs, Arkansas

The effects of income inequality become more apparent in Hot Springs, Arkansas. Men only buy homes 4.5% more than women here. However, the average home a man buys without a cosigner is worth 20% more than the average home a woman with the same background buys.

The average male without a cosigner takes out a home loan worth 1.9 times his income. For a woman that number is 2.4.

5. Springfield, Illinois

Illinois’ capital takes fifth. Here men without a cosigner buy homes 6.2% more often than women without a cosigner. Unfortunately for women, they are not only less likely to be buying homes, they are also likely to be earning less than men. The average man buying a home without a cosigner had an income of $68,200 compared to $53,200 for the average woman.

The average man without a cosigner took out a mortgage of $128,000. For the average woman that number was $110,000.

6. Prescott, Arizona

In Prescott, men without cosigners bought 763 homes while women bought 686 homes. That yields a percent different of 11.2% in favor of men.

The average home-buying woman here took in an income worth around 77% of what the average home-buying man did. The average woman here who bought a home without a cosigner took out a mortgage worth 3.2 times their income. That number is only 2.6 for men.

7. Lawrence, Kansas

The average home-buying woman in Lawrence has an income of $66,200 and takes out a mortgage of $158,500. Men show similar financial prudence. They have a mortgage-to-income ratio of 2.1.

However, Lawrence men are more likely to buy homes than women: In 2016, men without cosigners took out 333 home loans, compared to 299 for women.

8. Napa, California

In Napa, California we find one of the widest differences between women’s incomes and men’s incomes. The average man who bought a home without a cosigner earned $170,000. For women that number is $121,000. On average women buying homes without a cosigner in Napa earned only 71% of what men buying homes without a cosigner earned.

Napa homes are also expensive, and both men and women may be stretching their budgets thin to afford homes in here. The average woman took out a mortgage worth 3.42 times her income. The average man took out a mortgage worth 2.96 times his income.

9. Philadelphia, Pennsylvania

Philadelphia is known as one of the more affordable big cities in the country. Men without a cosigner were about 13% more likely to buy a home than women without a cosigner in the Philadelphia metro area. Women buying homes here earned about 79% of what men buying homes earned.

10. Rochester, Minnesota

One of the best places for working women is also one of the places where women are buying homes the most. Of the 1,735 homes bought in Rochester without cosigners, 814 went to females and 921 went to males.

This city also has the lowest gender pay gap in the Top 10. This has led to women and men taking out similar-sized home loans. The average women took out a mortgage of $161,000 while the average man took out a home loan worth $171,000.

Over a million more people moved out of California from 2006 to 2016 than moved in, according to a new report, due mainly to the high cost of housing. Housing costs are much higher in California than in most other states, yet wages for most workers aren’t. Even though the minimum wage in San Francisco is $14 per hour - one of the highest in the US - the median house price in this city is $1.61 million. Assuming housing is a third of your net income, you need a monthly take home pay of $36,000 to afford to purchase an average home in the city. This is just one example of what is going on across the state of California.

California attracts highly-educated high income earners who can afford these expensive homes. In the meantime, it is losing many hourly workers who just can't afford to live in the state, including those in construction, retail, and manufacturing.

There are many reasons for the housing crunch, but the lack of new construction may be the most significant. From 2008 to 2017, an average of 24.7 new housing permits were filed for every 100 new residents in California. That’s well below the national average of 43.1 permits per 100 people. If this trend persists, analysts forecast the state will be about 3 million homes short by 2025.

What does it mean?

California homeowners spend an average of 21.9% of their income on housing costs, the 49th worst in the nation, while renters spend 32.8%, the 48th worst. The median rent statewide in 2016 was $1,375, which is 40.2% higher than the national average. And the median home price was more than double that of the national average. The top five destinations for California migrants between 2014 and 2016 were the nearby, but generally cheaper, states of Texas, Arizona, Nevada, Oregon, and Washington.

Victorville Median Home Price Chart

The median home appraisal value in Victorville California is $244,663 as of May 6, 2018. In recent years, Victorville home values dropped to a low of $113k in January 2012. The median listing price for property in Victorville is $135 per square foot as of March 2018.

Foreclosure rates dropped from a high in July 2008 to a rate of 2.73% in August 2017. Mortgage delinquency is the first step in the foreclosure process. This is when a homeowner fails to make a mortgage payment. The mortgage delinquency rate in Victorville is 2.1%.

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Temecula Median Home Price Chart

The median home appraisal value in Temecula California is $464,796 as of May 6, 2018. In recent years, Temecula home values dropped to a low of $261k in July 2009. The median listing price for property in Temecula is $224 per square foot as of March 2018.

Foreclosure rates dropped from a high of 56.67% in September 2008 to a rate of 0.79% in August 2017. Mortgage delinquency is the first step in the foreclosure process. This is when a homeowner fails to make a mortgage payment. The mortgage delinquency rate in Temecula is 1.3%.

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San Bernardino Median Home Price Chart

The median home appraisal value in San Bernardino California is $272,707 as of May 6, 2018. In recent years, San Bernardino home values dropped to a low of $17k in February 2010. The median listing price for property in San Bernardino is $201 per square foot as of March 2018.

Foreclosure rates dropped from a high of 87.49% in August 2008 to a rate of 2.88% in August 2017. Mortgage delinquency is the first step in the foreclosure process. This is when a homeowner fails to make a mortgage payment. The mortgage delinquency rate in San Bernardino is 2.3%.

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Riverside Median Home Price Chart

The median home appraisal value in Riverside California is $394,208 as of May 6, 2018. In recent years, Riverside home values dropped to a low of $201k in December 2011. The median listing price for property in Riverside is $238 per square foot as of March 2018.

Foreclosure rates dropped from a high of 60.96% in August 2008 to a rate of 1.39% in August 2017. Mortgage delinquency is the first step in the foreclosure process. This is when a homeowner fails to make a mortgage payment. The mortgage delinquency rate in Riverside is 1.3%.

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Rancho Cucamonga Median Home Price Chart 05-18

The median home appraisal value in Rancho Cucamonga California is $509,309 as of May 6, 2018. In recent years, Rancho Cucamonga home values dropped to a low of $297k in January 2012.

Foreclosure rates dropped from a high of 31.57% in September 2008 to a rate of 1.61% in August 2017. Mortgage delinquency is the first step in the foreclosure process. This is when a homeowner fails to make a mortgage payment. The mortgage delinquency rate in Rancho Cucamonga is 1.3%.

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Murrieta Median Home Price Chart 05-18

The median home appraisal value in Murrieta California is $430,227 as of May 4, 2018. In recent years, Murrieta home values dropped to a low of $235k in June 2009.

Foreclosure rates dropped from a high of 76.93% in August 2008 to a rate of 1.95% in August 2017. Mortgage delinquency is the first step in the foreclosure process. This is when a homeowner fails to make a mortgage payment. The mortgage delinquency rate in Murrieta is 1.3%.

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Moreno Valley Median Home Price Chart 05-18

The median home appraisal value in Moreno Valley California is $315,855 as of May 4, 2018. In recent years, Moreno Valley home values dropped from $271k in April 2008 to a low of $148k in July 2009.

Foreclosure rates dropped from a high in September 2008 to a rate of 2.73% in August 2017. Mortgage delinquency is the first step in the foreclosure process. This is when a homeowner fails to make a mortgage payment. The mortgage delinquency rate in Moreno Valley is 1.7%.

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Fontana Median Home Price Chart 05-18

The median home appraisal value in Fontana California is $378,377 as of May 4, 2018. In recent years, Fontana home values dropped to a low of $195k in June 2012.

Foreclosure rates dropped from a high of 82.59% in August 2008 to a rate of 1.73% in August 2017. Mortgage delinquency is the first step in the foreclosure process. This is when a homeowner fails to make a mortgage payment. The mortgage delinquency rate in Fontana is 1.8%.

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