Jim Obergefell walked to the stage at our recent national LGBTQ+ Housing Policy Symposium to a standing ovation. He was speaking just a few blocks and almost seven years removed from the steps of the Supreme Court where he won his landmark June 2015 case that legalized same-sex marriage. He was with us on April 28 to share his thoughts on his life after the groundbreaking ruling, which now has him running for a seat for the Ohio State House, and ultimately a continuance of the “Rainbow Wave” we’re seeing in the political arena around the country.
The LGBTQ+ Real Estate Alliance, which is one of the nation’s largest LGBTQ+ trade groups with more than 2,200 members since our June 2020 founding, is also seeing an LGBTQ+ wave in the real estate industry and homeownership. We were proud, but not surprised, when our friends at Zillow shared last year that 12% of all homes sold in the United States were purchased by LGBTQ+ folks. We also know that Millennials and Gen Z’ers are entering (or will soon enter) their prime home buying years – many as first time homebuyers shifting from renters. Why does this matter? Well, GenZ and Millennials are coming out and living more authentic lives at a greater pace than any other generations previously, with overall greater representation from our LGBTQ+ community. The impact this will have on homeownership for our community is unprecedented.
Our most recent LGBTQ+ Real Estate Report (largely focused on discrimination) explored how Jim’s marriage equality win has played a dramatic role in improving home ownership opportunities for our community. Since then, 64% of LGBTQ+ Real Estate Alliance members have seen an uptick in the number of LGBTQ+ couples as homeowners, with 42% noticing an increase of LGBTQ+ singles entering homeownership. And 40% of our members have recognized an increase in LGBTQ+ homebuyers choosing to live in communities not traditionally known as “LGBTQ+-friendly.” There’s now some supporting data to show that folks are, in fact, moving into the suburbs to expand their footprint, and it’s tied to being able to be legally married and likely starting families.
Moreover, 40% of members reported their number of LGBTQ+ clients has increased over the last three years. That’s outstanding progress, especially given the aggressive market we find ourselves in as a country.
We found that financial concerns are the overwhelming reasons why LGBTQ+ renters continue renting with home prices and lack of down payment funds as the largest barriers to homeownership. We also know that a lack of education and understanding about the buying and mortgage process exist. The fact remains, very few financial organizations or mortgage companies reach out directly to our community and try to being us information or encourage us to dive into the homeownership process. So, and that’s why it so exciting to share that the Alliance will host our second annual free virtual LGBTQ+ First-Time Home Buyer Seminar on June 14 from 7-9 p.m. EST. You can register at realestatealliance.org.
As many of us know first-hand, however, there is still far too much discrimination against community members during the home buying process. In fact, 38% of our members indicated that there has been no change in the amount of discrimination against LGBTQ+ homebuyers over the last three years, while 14% believe discrimination has actually increased. This discrimination can take on many forms including, but not limited to, unconscious bias and blatant discrimination exhibited by real estate professionals, sellers, lenders and the legal forms consumers have to complete like title documents, mortgage documents or even purchase agreements in certain regions.
Thankfully the real estate industry has been at the forefront of LGBTQ+ acceptance. The Realtor Code of Ethics prohibits discrimination based on sexual orientation and gender identity, which is more than we can say for the protections (or complete lack of) that Congress has continually failed to extended us. Along with National Association of Realtors and local associations, including the D.C. Association of Realtors, the Alliance has some of the largest real estate brands, financial institutions, title companies and insurance firms as partners. They are working closely with us to identify areas of improvement, and we are working with them to ensure they continue to support and push for passage of the Equality Act with their corporate influence. We all know ridding the industry and society of discrimination against sexual orientation and gender identity will not happen overnight. It will take a lot of continued work; we are on that path and will continue to move forward despite the actions of select bigoted governors and politicians who want to erase us altogether.
Our LGBTQ+ Real Estate Alliance members are at the forefront of the fight. They take great pride in working within the community and do not shy away from “who they are” in generating business and income. Forty-six percent of respondents reported they are known in their company as an “LGBTQ+ agent,” and 79% report they want to be known as a professional who specializes in working in the community.
While you can visit our website to connect with our members at realestatealliance.org, we will soon make it much easier. The Alliance will soon launch HYPERLINK “http://www.lgbtqplushomes.com”LGBTQplusHomes.com and provide the LGBTQ+ community with a much-needed real estate resource. Along with the ability to easily reach local members, we will have content, tips, reports, trend lists, how-to vids, and so much more.
Thanks to folks like my friend, and true inspiration to so many of us, Jim Obergefell, our community continues to be a force. We will push on. We will continue to fight for equality and equity. We will win our basic human rights!
ABOUT THE LGBTQ+ REAL ESTATE ALLIANCE
The LGBTQ+ Real Estate Alliance is a 501(c)6 non-profit dedicated to empowering the LGBTQ+ community on the path to homeownership as we also advocate on behalf of the community on housing issues. The Alliance, founded in June 2020, is an all-inclusive organization that works to improve the professional lives of its members through a public-facing Alliance Referral Community. The Alliance began accepting members in October 2020 and has more than 2,200 members and 50 chapters in the U.S., Canada and Puerto Rico. For more information visit realestatealliance.org.
Ryan Weyandt is CEO of the LGBTQ+ Real Estate Alliance.