06 Mar Women couldn’t legally get a mortgage without a co-signer
Women couldn’t legally get a mortgage without a co-signer
The Federal Consumer Credit act of 1974
Until 1974 a woman couldn’t legally get mortgage or charge card unless it was co-signed by “daddy” or “husband”. You might think that surprising, but until President Ford signed this into law women were not their own masters. While it was a step in the right direction, it was still lacking since the fines for non-compliance were not severe enough. This law also made it illegal to discriminate against someone based on race, religion and national origin. But, despite the law a report in 2012 found women still paying more for credit cards. Half a point higher interest rate than men. So, while “you have come a long ways baby” sexist line is correct, we still have a way to go!
Best State overall for women is Minnesota
Women make up 51% of the population. So their purchasing power is enormous. In Minnesota it makes a difference. Per WalletHub and many other publications, Minnesota is the best state in the United States for women. Minnesota ranked number 1 for “women’s economic and social well-being. https://wallethub.com/edu/best-and-worst-states-for-women/10728/#main-findings
In 2019, women in some parts of America still get the short end of the stick — even as they outnumber men in most states. For instance, women represent nearly two-thirds of all minimum-wage workers in the U.S. Their political representation also suffers, as women make up 51% of the U.S. population but only 25% of the Senate and 23.4% of the House of Representatives.
USA Today ranked Minnesota number one overall for earning power for women, graduation rates, life expectancy and low percent living in poverty.
Where do we go from here?
Well, hopefully up. While there has been improvement, you still see the stupid gender-based comments like “maybe you should have your husband call me” or “is your husband buying the car for you.” The gender pay gap is 81-82% of female to males doing the same job. After adjusting for college major, occupation, working hours and parental leave, the number is 93% per multiple studies. Is there still gender discrimination? Of course, there is. In the United States we believe that a person succeeds by their level of hard work and dedication. That belief doesn’t have an asterisk by it for gender. So, we all have work to do so everyone has an even playing field and equal work deserves equal pay. We as a country are up to the challenge and we can do this!
I hope you found this helpful
Reach out to me if you want to sit down and discuss what is best for your real estate situation. It is our job to educate and make sure you make the best informed real estate decision.
For further information Jeff Anderson / RE/MAX Results or one of his team members, please call 612-386-8600.
Please contact The Anderson Team with any questions. We are here to help educate you the process of looking for the right home.
Looking to Relocate to or from Minnesota? CLICK HERE