Report: Grand Rapids has 19th fewest female homebuyers

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Women in Grand Rapids own homes at a lower rate than that of most large metros, according to a recent report.

The report, “Where Are Women Buying Homes?,” published by home inspection website Inspection Support Network, ranked Grand Rapids at No. 19 for the fewest female homebuyers out of all large U.S. metros.

The female share of home purchase loans in the Grand Rapids-Kentwood metro area was 21.3%, which is slightly below the national figure of 21.4%, and the total number of female home purchase loans was 3,155 in 2020. The median loan amount 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 home purchase loans by women was 754,170 in 2020. The median loan-to-value ratio for female borrowers was 88%, and the median interest rate for female borrowers was 3.25%.

The average loan-to-value ratio is 85% for male loan applicants and 80% for joint applicants, which suggests female buyers are putting less money down when they purchase a home than their male or joint counterparts, according to the report.

The median home loan among female loan applicants across the U.S. is $215,000, the median loan amount for their male counterparts is $245,000, and joint applicants have a median loan amount of $285,000.

Women account for 21.4% of home purchase loans in the U.S., while men represent 31.4% out of all applicants. Joint applicants are responsible for 39.3% of home purchase loans, and 7.9% did not disclose their sex, per the Home Mortgage Disclosure Act data.

Top 10 large metros for female homebuyers

  1. Atlanta-Sandy Springs-Alpharetta, Georgia
  2. Buffalo-Cheektowaga, New York
  3. Las Vegas-Henderson-Paradise, Nevada
  4. Rochester, New York
  5. Richmond, Virginia
  6. Tampa-St. Petersburg-Clearwater, Florida
  7. Baltimore-Columbia-Towson, Maryland
  8. Louisville/Jefferson County, Kentucky and Indiana
  9. Virginia Beach-Norfolk-Newport News, Virginia and North Carolina
  10. Cleveland-Elyria, Ohio

Bottom 10 large metros for female homebuyers

  1. San Jose-Sunnyvale-Santa Clara, California
  2. San Francisco-Oakland-Berkeley, California
  3. San Diego-Chula Vista-Carlsbad, California
  4. Seattle-Tacoma-Bellevue, Washington
  5. Tulsa, Oklahoma
  6. Oklahoma City
  7. Austin-Round Rock-Georgetown, Texas
  8. Salt Lake City, Utah
  9. Dallas-Fort Worth-Arlington, Texas
  10. Los Angeles-Long Beach-Anaheim, California

Methodology

The data in this analysis is from the Federal Financial Institutions Examination Council’s Home Mortgage Disclosure Act. Only conventional home purchase loans approved in 2020 were considered.

To determine the locations with the most women buyers, researchers at Inspection Support Network calculated the female share of home purchase loans, including both single female applicants and female applicants with a female co-applicant(s). In the event of a tie, the location with the greater total of home purchase loans by women was ranked higher.

The full report is available here.

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