Report finds LGBTQ buyers purchasing older, smaller homes than other people

Image by mastersenaiper from Pixabay

A new report has found that LGBTQ homebuyers buy more older and smaller homes than other buyers.

The report, 2021 Profile of LGBTQ Home Buyers and Sellers, was released by the National Association of Realtors (NAR) on Wednesday, June 9.

“Understanding how buyers navigate the housing market is essential to Realtors,” said Jessica Lautz, NAR’s vice president of demographics and behavioral insights. “This report details the impact of the housing affordability challenges on LGBTQ buyers, who typically had lower household incomes and were more likely to be purchasing more affordable homes.”

The organization first added a question about sexual orientation to its annual study in 2015.

The report said that since 2015, the percentage of LGBTQ home buyers and sellers has remained steady at 4%, with 51% identifying as male and 40% identifying as female. Eight percent identified as non-binary or GNC.

Married couples made up 39% of LGBTQ buyers and sellers, while 21% of transactions were completed by an unmarried couple, 22% by a single male and 15% by a single female. The median age (42) and annual income ($93,200) of LGBTQ buyers and sellers were slightly lower than non-LGBTQ buyers and sellers (46 and $97,000, respectively).   Forty-two percent of LGBTQ buyers were first-time home buyers, compared to 32% for non-LGBTQ buyers.

One interesting discovery is that bisexual people tended to buy homes at a younger age and be women. They were also more likely to be first time sellers and buyers.

As for location, LGBTQ homebuyers were more likely to buy in an urban area. The median sale price for homes purchased by LGBTQ buyers was $245,000, compared to $268,000 for non-LGBTQ buyers.