San Francisco and Portland, OR have the highest
share of LGBTQ+ adults, yet less than 7% of homes in those places
are affordable for someone on the local median income
(NASDAQ: RDFN) —U.S. homebuyers need to earn an annual income of
$150,364 to afford the median priced home in areas with state laws
protecting LGBTQ+ people from housing discrimination, according to
a new report from Redfin (redfin.com), the technology-powered real
estate brokerage. That’s 46.8% more than the $102,435 buyers need
to earn to afford a home in areas without such protections. Both of
those are higher than the $79,689 estimated median U.S. household
income in 2023.
Looking at the data another way, someone making the median
household income in areas with LGBTQ+ protections would’ve had to
spend 44.5% of their earnings on monthly housing costs if they
bought a home for $492,290, the median home sale price in those
areas last year. By comparison, buyers in areas without protections
would’ve had to spend 38.3% of their earnings if they purchased the
$357,010 median priced home in their area.
Housing nondiscrimination laws shield LGBTQ+ individuals against
being evicted unfairly, denied housing, or prevented from renting
or buying based on their sexual orientation and/or gender identity.
For the purposes of this report, a metro has “any protections” if
at least one of the states it’s located in prohibits discrimination
based on sexual orientation and/or gender identity. Please note
that some metro areas span several states. In those cases, Redfin
deems the metro to have protections if at least one state has
protections, unless otherwise noted. LGBTQ+ people in states
without explicit protections are protected under the federal Fair
Housing Act.
“LGBTQ+ Americans face disproportionately large barriers to
homeownership,” said Redfin Senior Economist Elijah de la Campa.
“On top of paying a premium to live somewhere that feels safe, many
LGBTQ+ house hunters are earning less than the typical U.S. worker,
and face discrimination while shopping for homes despite laws that
prohibit it.”
More than one in five (22%) LGBTQ+ people who recently moved
believe they were discriminated against based on their sexual
orientation during their most recent home search, according to a
2023 survey commissioned by Redfin. A separate 2024 survey
commissioned by Redfin found that 12.7% of LGBTQ+ respondents
planning to move in the next year want to relocate so they can live
in an area where people are more accepting/inclusive of LGBTQ+
people.
Places With the Largest LGBTQ+ Populations Have the Smallest
Share of Affordable Homes
In the metros where LGBTQ+ people make up the largest share of
the adult population, less than 10% of home listings are affordable
for someone earning the median local household income.
In San Francisco, 6.7% of the adult population identifies as
LGBTQ+, the highest share among the metros Redfin analyzed. Yet
only 5.1% of listings last year were affordable on the median local
income—one of the lowest shares in the country. Portland, OR has
the second highest share of LGBTQ+ adults (6%), and only 6.7% of
homes for sale were affordable. In Austin, TX, 5.9% of the adult
population identifies as LGBTQ+, and just 2.9% of listings were
affordable. And in Seattle and Los Angeles, LGBTQ+ adults make up
5.2% and 5.1% of the population, and a respective 4.8% and 1.9% of
homes for sale were affordable. All but one of those
metros—Austin—has state-level LGBTQ+ protections.
In all five aforementioned metros, someone making the median
local income in 2023 would’ve had to spend more than 45% of their
earnings on monthly housing costs to buy the median-priced home.
All five metros also had a median home sale price above the
national level of $410,252.
A much larger share of listings are affordable in metros with
lower shares of LGBTQ+ adults.
In Pittsburgh, 3.3% of the adult population identifies as
LGBTQ+, the smallest share in the country (tied with Raleigh, NC).
More than half of listings in Pittsburgh (57.4%) and nearly one in
five in Raleigh (17.8%) were affordable for someone on the median
local income. Omaha, NE has the next lowest share of LGBTQ+ adults
(3.4%), and almost one-third (30%) of homes for sale were
affordable. In Milwaukee and Houston, LGBTQ+ people make up 3.5% of
the adult population, and a respective 38.9% and 16.7% of listings
were affordable. Pittsburgh, Raleigh and Houston have no
state-level protections for LGBTQ+ people, while Omaha and
Milwaukee do.
Detroit and Rochester Are the Most Affordable Places to Live
with LGBTQ+ Protections
Thirty of the 54 metros Redfin analyzed are in states with
protections for LGBTQ+ people. Of those 30 metros, the most
affordable are in the Northeast and Midwest.
In Rochester, NY, 55.5% of home listings last year were
affordable for someone earning the median local household
income—the highest share among metros in states with LGBTQ+
protections. Next comes Detroit (55.3%), Buffalo, NY (50.3%),
Baltimore (48%) and Albany, NY (41.1%). In all five of those
metros, the median home sale price was below the national level of
$410,252, and the typical buyer would’ve had to spend roughly 30%
of their income on monthly housing payments.
LGBTQ+ People Are More Likely to Make Sacrifices to Cover
Housing Costs
More than half (56.5%) of LGBTQ+ homeowners and renters
sometimes, regularly or greatly struggle to afford their housing
payments. That compares with 49.9% of U.S. homeowners and renters
as a whole. This is according to a Redfin-commissioned survey
conducted by Qualtrics in February 2024.
One-quarter of LGBTQ+ respondents (24.5%) who indicated that
they sometimes, regularly or greatly struggle to afford their
housing payments said they borrowed money from family or friends in
order to afford their monthly housing costs. That compares with 17%
of non LGBTQ+ respondents. LGBTQ+ respondents were also nearly
three times more likely to say they decided against or delayed
having a child in order to cover housing expenses.
To view the full report, including charts, methodology, a full
list of survey responses and metro-level data please visit:
https://www.redfin.com/news/LGBTQ-housing-affordability-2024
About Redfin
Redfin (www.redfin.com) is a technology-powered real estate
company. We help people find a place to live with brokerage,
rentals, lending, title insurance, and renovations services. We run
the country's #1 real estate brokerage site. Our customers can save
thousands in fees while working with a top agent. Our home-buying
customers see homes first with on-demand tours, and our lending and
title services help them close quickly. Customers selling a home
can have our renovations crew fix it up to sell for top dollar. Our
rentals business empowers millions nationwide to find apartments
and houses for rent. Since launching in 2006, we've saved customers
more than $1.6 billion in commissions. We serve more than 100
markets across the U.S. and Canada and employ over 4,000
people.
Redfin’s subsidiaries and affiliated brands include: Bay Equity
Home Loans®, Rent.™, Apartment Guide®, Title Forward® and
WalkScore®.
For more information or to contact a local Redfin real estate
agent, visit www.redfin.com. To learn about housing market trends
and download data, visit the Redfin Data Center. To be added to
Redfin's press release distribution list, email press@redfin.com.
To view Redfin's press center, click here.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240529967630/en/
Redfin Journalist Services: Kenneth Applewhaite
press@redfin.com
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