Will Women in New York Ever Be Paid Fairly?

Anyone who says that there is no gender wage gap in 2024 is lying. Women are still not being fairly compensated for their contributions in the vast majority of workplaces.

This unacceptable gender wage gap continues to affect women across various aspects of our lives, including our ability to make significant life purchases.

According to a recent study, women in the United States earn around 82% of what men earn on average, highlighting the disparities that persist in income equality. When examining the effects of this wage gap on women in New York State, it becomes evident how these financial challenges impact our economic stability and purchasing power.

Real-world Consequences of the Wage Gap

The study reveals that women in New York State, like our counterparts nationwide, face hurdles when it comes to major life purchases such as buying a home, or a car, or investing in higher education. The data shows that women require more time to save for a 20% down payment on a home compared to men. On average, a woman in New York would need to save for seven years to afford a down payment, while it would take the average man about five years and nine months to reach the same goal.

Similarly, when it comes to purchasing a used car, women in New York State need approximately two months longer than men to afford a down payment. The gender wage gap also affects a woman's ability to cover the costs of in-state and out-of-state tuition for a public university, with the study indicating that women need to work additional months compared to men to afford these educational expenses.

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Disparities in Purchasing Power

The study further highlights that, on average, men in New York State can make major life purchases approximately 17.8% faster than women. This discrepancy emphasizes the obstacles women face in reaching financial goals and underscores the importance of closing the gender wage gap to facilitate greater economic fairness.