LGBTQ+ home buyers tend to purchase older, smaller and less expensive homes than non-LGBTQ+ buyers, according to the 2021 Profile of LGBTQ Home Buyers and Sellers compiled by the National Association of Realtors.
NAR’s annual report also found that LGBTQ+ buyers were much more likely to purchase property in cities and urban areas, as opposed to small towns. Additionally, the median sale price for homes purchased by LGBTQ buyers was $245,000, compared to $268,000 for non-LGBTQ buyers.
“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 report goes on to note that 42 percent of LGBTQ+ buyers were first-time home buyers, compared to just 32 percent for non-LGBTQ+ buyers. However, the two groups were about equally likely to be first-time home sellers—at 37 percent and 33 percent, respectively.
LGBTQ buyers expected to spend 10 years in their new home, five years fewer than non-LGBTQ buyers.