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Report finds that LGBT homeownership rates 16% below national average
2019-03-26

This article shared 1989 times since Tue Mar 26, 2019
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Jupiter, Fla. ( March 26, 2019 ) — The third annual LGBT Real Estate Report found that housing discrimination — and the fear of it — continues to have a profound impact on LGBT homeownership levels that are currently at 49%, far below the national average of 65%. The report was issued today by the National Association of Gay and Lesbian Real Estate Professionals ( NAGLREP ) in conjunction with Freddie Mac.

NAGLREP has nearly 2,300 members and 34 chapters as one of the nation's largest LGBT and allied trade organizations.

The LGBT Real Estate Report shared that 46% of LGBT renters fear discrimination in their future home buying process. And, for the first time, the report identified how this fear is having a direct impact on potential LGBT buyer behavior.

% of NAGLREP members who believe discrimination fears causes potential LGBTs buyers to

Be anxious about how welcoming potential neighbors/community will be: 44%

Be overly concerned about neighbors/community reaction if they start family: 40%

Be cautious in hiring right professionals ( i.e. agents, mortgage, etc. ): 36%

Settle for a home without exploring all potential communities/neighborhoods: 27%

Remain renters: 24%

Fear their offer will not be accepted: 22%

Fear not being approved for a mortgage: 20%

"This year's commemoration of the 50th anniversary of the Stonewall Riots, which launched the modern LGBT movement, showcases the strides the community has made and the challenges we still face, including housing discrimination," NAGLREP founder Jeff Berger said. "The Equality Act was recently re-introduced in Congress, and if passed would amend the Civil Rights Act of 1964 to prohibit discrimination on the basis of sexual orientation and gender identity in employment, housing, public accommodations, public education, federal funding, credit and the jury system. NAGLREP members believe removing housing discrimination as a barrier of entry would pave the way for substantial LGBT homeownership increases."

Berger pointed out that 22% of surveyed members believe LGBT home ownership levels would climb 5-9% within five years of the Equality Act being passed. Another 25% believe it would jump at least 10%.

"At the same time, 58% of our members believe the current White House administration's policies on LGBT issues are having a negative impact on the community's confidence to buy or sell a home, Berger said."

Marriage Equality Helping

The LGBT community has clearly benefited since same-sex marriage was legalized in the historic Obergefell v. Hodges Supreme Court decision on June 26, 2015. The ruling has impacted home buying habits

NAGLREP members ( 55% ) believe more married LGBT couple are buying homes since the Supreme Court victory. The number has grown from 46% just two years ago.

The report also shows that 73% of all married LGBT couples own their own home, compared to 41% of non-married LGBT couples and only 35% of LGBT singles.

Additionally, 67% of NAGLREP members believe the number of LGBTs with children has increased since the ruling. This momentum should be a good sign for the real estate market as 64% of LGBT parents currently own a home.

LGBTs Value Safety and Welcoming Community

LGBT homebuyers ( 95% ) shared that a lack of LGBT violence was what they valued most when choosing a neighborhood. The neighborhood's vibe and a low violent crime rate followed at 92% while sexual orientation anti-discrimination laws were cited at 82%.

Renting LGBTs Do Not Fully Recognize Homeownership Value

Interestingly, 72% of LGBT renters want to own a home in the future yet surveyed renters have yet to recognize the financial and emotional benefits of homeownership. The report found that 79% of LGBT renters believe homeownership is a good financial move compared to 95% of LGBT homeowners. As for homeownership being part of their American Dream, only 65% of LGBT renters agreed compared to 87% for LGBT homeowners.

"The report showcases many of challenges LGBTs face today in their journey to homeownership, but we also see the opportunity for all of us in the real estate industry to embrace and educate the LGBT community as we now have a greater understanding of what drives their concerns," Berger said. "The report will fuel discussions at our April 10-11 LGBT Policy Summit in Washington, D.C., along with how we can impact change at the local, state and national levels."

The LGBT Real Estate Report combines research from NAGLREP's annual member survey with Freddie Mac's "The LGBT Community: Buying and Renting Homes Report."

"The annual LGBT Real Estate Report provides a detailed picture of the LGBT community," said Danny Gardner, Freddie Mac Senior Vice President of Single Family Affordable Lending and Access to Credit. "The information here is intended to be a valuable resource for businesses that seek to connect with this community, and we are proud to be a part of that goal."

View the full report here: naglrep.com/wp-content/uploads/2019/03/2019-naglrep-lgbt-real-estate-report.pdf .

NAGLREP fielded the survey to approximately 2,300 members via Survey Monkey in February. There were 648 participants.

From a NAGLREP press release

About NAGLREP

Established in 2007, The National Association of Gay and Lesbian Real Estate Professionals ( NAGLREP ) is a mission driven 501( c )( 3 ) non-profit organization with 2,300 members. NAGLREP advocates on behalf of the rights of the LGBT community on issues related to housing and discrimination laws. It hosts a Lesbian, Gay, Bisexual, and Transgender ( LGBT ) and allied REALTOR referral network which also includes mortgage professionals, title agents, insurance agents, commercial agents, trainers and educators. Visit www.naglrep.com for more information.


This article shared 1989 times since Tue Mar 26, 2019
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