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LGBTQ+ Buyers More Likely to Be Younger, First-Time Buyers

by Kelly Leighton on

More LGBTQ+ buyers are first-time homebuyers than their non-LQBTQ+ peers, according to NAR’s 2021 Profile of LGBTQ Homebuyers and Sellers.

Forty-two percent of LGBTQ+ buyers were first-time, compared to 32% of non-LGBTQ+ buyers, while 37% of LGBTQ+ sellers were first-time, vs. 33% of non-LGBTQ+ sellers.

The percent of LGBTQ+ homebuyers has stayed stable at 4%, with  51% identifying as male, 40% identifying as female and 8% identifying as non-binary, gender-nonconforming or third gender. LGBTQ+ buyers and sellers are more likely to be younger than their heterosexual counterparts, aged 42 compared to 46, with less income and a lower home prices. LGBTQ+ buyers’ average purchased home price was $245,000, compared to $268,000 of non-LGBTQ+ buyers. Income-wise, LGBTQ+ buyers and sellers reported a salary of $93,000, while non-LGBTQ+ buyers and sellers reported an annual income of $97,000.

However, the report found no major differences in desired features in the home search between LGBTQ+ and non-LGBTQ+ buyers. The top features across the board were quality of the neighborhood, convenience to job and affordability. However, LGBTQ+ buyers would rather be closer to entertainment, leisure and vets as opposed to schools and health care facilities.

LGBTQ+ buyers are more likely to stay in their homes for shorter periods of time. According to the report, LGBTQ+ buyers anticipated staying in their new home for a decade, while non-LGBTQ+ buyers said 15+ years. LGBTQ+ buyers are also more likely to seek out homes in urban areas and more likely to buy a smaller home (median of 1,730 square feet, compared to 1,900 for non-LGBTQ+ buyers) and an older home (built in 1977, compared to 1992 for 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.”

Topics

LGBTQ+
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