More lesbian, gay, bisexual, and transgender couples are purchasing homes since the U.S. Supreme Court ruled to legalize same-sex marriage more than three years ago, according to the second annual LGBT Real Estate Report produced by the National Association of Gay and Lesbian Real Estate Professionals. Nearly 50 percent of NAGLREP members reported an increase in married LGBT couples buying homes. Further, 41 percent of the real estate professionals surveyed say they expect a significant number of LGBT clients to “move up” as opposed to downsizing in the near future. They also report the LGBT community is showing increasing interest in second homes or undergoing a major home renovation with their current home.
“Homebuying and selling decisions are often predicated on such life events as marriage, children, new jobs, death and divorce, yet our members believe LGBTs have a more pragmatic approach based on financial security,” says Jeff Berger, NAGLREP founder. “It will be interesting to see over time how marriage and engagement drive interest in homeownership along with children, since 62 percent of our members believe the number of LGBTs with kids is increasing since marriage equality.”
The survey found that the LGBT people choosing to remain renters is mostly due to concerns about their financial status or living in an area where the cost of homeownership might be too high.
“These findings are eye-opening for us and we hope for all of the real estate community,” Berger says. “There are a variety of reasons LGBTs may not be as aware of the emotional and financial benefits of homeownership but we now recognize the need for further, and potentially more targeted, education and enlightenment.”
NAGLREP, which was founded in 2007 to advocate on the behalf of the LGBT community, is a corporate partner with the National Association of REALTORS®.
