Homeownership Dreams Face Stiffer Financial Barriers for LGBTQ+ Renters
A recent survey commissioned by Redfin has shed light on the financial obstacles faced by LGBTQ+ renters in their pursuit of homeownership. This survey, conducted by Qualtrics in May and June 2023, targeted over 5,000 U.S. residents, including renters and recent homebuyers, to gain insights into the disparities in homeownership rates and the financial challenges encountered by the LGBTQ+ community.
According to the survey’s findings, the LGBTQ+ homeownership rate stands at 51%, notably lower than the rate for individuals identifying as both straight and cisgender, which is at 71%. This stark contrast underscores the disparities that exist in the housing market.
The survey delved into various financial barriers that LGBTQ+ renters are more likely to face when compared to their non-LGBTQ+ counterparts. Among the hurdles identified, housing affordability emerged as the most significant concern. A striking 51.2% of LGBTQ+ renters cited the high cost of homes as a reason they are unlikely to purchase a house in the near future. In contrast, 43.1% of non-LGBTQ+ renters expressed the same concern.
Redfin’s Chief Economist, Daryl Fairweather, pointed out that societal norms often place financial incentives on those who conform to heteronormative expectations related to marriage and family. This bias can inadvertently disadvantage LGBTQ+ individuals in their pursuit of homeownership.
In a multiple-choice question posed by Redfin, respondents were asked to select the reasons behind their reluctance to purchase a home in the near future. Among the options, the only category where non-LGBTQ+ renters had a higher percentage was those who had no interest in buying a home, with 20.1%. In contrast, LGBTQ+ renters were 13.2% less likely to express disinterest in homeownership, highlighting their desire to enter the housing market if not for the financial barriers they face.
These survey results emphasize the need for increased awareness and support to address the unique financial challenges that LGBTQ+ individuals encounter on their path to homeownership, with a particular focus on improving housing affordability and promoting inclusivity in the real estate market.
