A new survey out from Redfin gives some insight into the experience of LGBTQ+ renters and would-be homeowners in America. According to the report, 24 percent of LGBTQ+ renters are unlikely to buy a home due to lack of financial support from family/friends, compared with 14 percent of non LGBTQ+ renters, a Redfin survey found.
What’s more, LGBTQ+ renters were also more likely than non LGBTQ+ renters to say student loan debt is preventing them from buying a home. And some 38 percent of LGBTQ+ respondents said they’d only live in a place with laws ensuring equality based on gender or sexual orientation.
More than half (51.2 percent) of LGBTQ+ renters said they’re unlikely to buy a house in the near future because homes are too expensive, compared with 43.1 percent of non LGBTQ+ renters. Similarly, 44.9 percent of LGBTQ+ renters cited saving for a down payment as an obstacle, versus 35.7 percent of non LGBTQ+ renters.
“Young people are often rewarded financially for fulfilling heteronormative expectations around getting married and having kids,” said Redfin Chief Economist Daryl Fairweather. “For example, it’s common for a bride and groom to receive thousands of dollars in cash gifts when they get married, which they can put toward buying or renovating a home. LGBTQ+ couples, on the other hand, often get married later in life, and may not receive financial support if they’ve been shut out by their families.”