President Joe Biden has proclaimed June 2021 as Lesbian, Gay, Bisexual, Transgender, and Queer Pride Month to recognize the achievements of the LGBTQ+ community and to celebrate the great diversity of the American people. In his proclamation, the President said, "This Pride Month, we recognize the valuable contributions of LGBTQ+ individuals across America, and we reaffirm our commitment to standing in solidarity with LGBTQ+ Americans in their ongoing struggle against discrimination and injustice."
The President noted there are many states in which LGBTQ+ individuals still lack protections for fundamental rights and there continue to be tragic levels of violence against transgender people. The President's executive order charges federal agencies to fully enforce all federal laws that prohibit discrimination on the basis of gender identity or sexual orientation.
The 2021 Profile of LGBTQ Home Buyers and Sellers released last week by the National Association of Realtors, found homebuyers from America's LGBTQ community purchase older, smaller and less expensive homes than non-LGBTQ buyers. Over the past five years, the homes bought by LGBTQ buyers were 170 square feet smaller and typically 15 years older than those purchased by non-LGBTQ buyers.
NAR first added a question about sexual orientation to its annual Profile of Home Buyers and Sellers study in 2015. The report details the impact of housing affordability challenges on LGBTQ buyers, who typically have lower household incomes and are more likely to purchase more affordable homes.
"It is important for Realtors to understand how both buyers and sellers perceive the market and to help them navigate the marketplace. Everyone, regardless of sexual orientation or gender identity, should have the opportunity to achieve the American dream of homeownership and purchase a home they like in a neighborhood where they want to live," said Joanne Fraser, president of the Silicon Valley Association of Realtors.
This year's report found the median sale price for homes purchased by LGBTQ buyers was $245,000, compared to $268,000 for non-LGBTQ buyers. LGBTQ buyers were much more likely to have purchased in urban areas and less likely to have bought in small towns or rural areas.
Since 2015, the percentage of LGBTQ homebuyers and sellers has remained steady at 4 percent. LGBTQ buyers expected to spend 10 years in their new home, five years fewer than non-LGBTQ buyers. The report showed LGBTQ sellers were less likely to sell a detached single-family home (69% vs. 81%) and were more likely to sell a townhouse/row house (11% vs 6%) or an apartment condo (8% vs 4%).
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 homebuyers, compared to just 32 percent for non-LGBTQ buyers. The two groups were about equally likely to be first-time home sellers, at 37 percent and 33 percent, respectively.
When considering locations for a home, the three most important qualities - quality of neighborhood, convenience to job and overall affordability - were the same for all groups. LGBTQ buyers were less concerned overall about convenience to friends and family compared to non-LGBTQ buyers. They also placed more importance on convenience to entertainment and leisure and proximity to a veterinarian. They were less likely to value proximity to and quality of schools, convenience to health facilities and lot sizes than non-LGBTQ buyers.
"All Realtors are obligated by NAR's Code of Ethics to provide equal professional service without discrimination based on sexual orientation or gender identity," said NAR President Charlie Oppler. "As we recognize Pride Month and Homeownership Month this June, it's important to continue the pursuit of equal housing opportunities for everyone. Our communities are stronger when we are more inclusive."
The Silicon Valley Association of REALTORS® (SILVAR) is a professional trade organization representing over 4,000 REALTORS® and Affiliate members engaged in the real estate business on the Peninsula and in the South Bay. SILVAR promotes the highest ethical standards of real estate practice, serves as an advocate for homeownership and homeowners, and represents the interests of property owners in Silicon Valley.
The term "REALTOR®" is a registered collective membership mark which identifies a real estate professional who is a member of the National Association of REALTORS® and who subscribes to its strict Code of Ethics.
Variations of this article have appeared in local area newspapers.
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