Although the LGBT homeownership rate continues to trail the national average – 49% compared to 65%, respectively – the dream of homeownership remains strong among renters of all generations of the LGBT community.
The fourth annual “LGBT Real Estate Report” from the National Association of Gay and Lesbian Real Estate Professionals dives into what drives members of the LGBT community to become homeowners as well as important factors LGBT people consider when choosing a home. RE/MAX co-sponsored the report.
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According to the data:
– 64% of LGBT people with children are homeowners, while 90% without children said they want to own a home if they start a family in the future.
– 80% of LGBT homeowners looked for a neighborhood with laws preventing discrimination based on sexual orientation.
– 70% of LGBT renters said they wanted to own a home so they could stop paying rent to someone else.
– The LGBT community controls $1 trillion in buying power.
Mike Reagan, RE/MAX Senior Vice President of Industry Relations and Global Growth and Development, says the information in the report empowers agents to provide a better experience for LGBT clients.
“One of our goals at RE/MAX is to help fulfill the dream of homeownership for as many people as possible,” Reagan says. “The data provided within this report equips all real estate professionals to better serve and provide unmatched service and value to the LGBT community. RE/MAX is honored to be a supporting sponsor.”
The report also revealed that fears of discrimination in the homebuying process remains a concern for 46% of LGBT renters. In 2019, RE/MAX took an important step by joining the Business Coalition for the Equality Act, which would provide federal protections against discrimination in housing or lending. The bill was approved by the U.S. House of Representatives last summer and is currently awaiting a vote in the Senate.
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Written by Stephanie Visscher
