The National Association of Realtors (NAR) for the first time released its profile of Lesbian, Gay, and Bisexual Buyers and Sellers, and found that bisexual individuals were the most likely to indicate they were first-time homebuyers at 58%.
Lesbian and gay buyers followed at 36% and 32% of heterosexuals indicated they were first-time homebuyers. Bisexuals were also the youngest buyers with an average age of 36 years old, but also had the lowest income of $62,400.
Gay and lesbian buyers were the oldest at 45-years-old and heterosexuals reported an average age of 44 with a median income of $91,200, which is similar to the $92,900 median income for lesbian and gay buyers.
Bisexuals were also the most likely to identify themselves as first-time sellers at 50%, with both 36% of heterosexuals and lesbian/gay identifying as first-time sellers.
“The American Dream of homeownership traverses across the spectrum of our society—including sexual orientation—and Realtors always have and will continue to advocate so that anyone who wants to, and is capable of purchasing a home, is able to do so,” said NAR President John Smaby, a second-generation Realtor from Edina, Minnesota and broker at Edina Realty. “Realtors have always embraced the significance of the protections secured by the Fair Housing Act, and have encouraged efforts to extend them by amending our Code of Ethics in 2009 to prohibit discriminations based on sexual orientation and gender identity.”
Eighty-six percent of bisexual buyers were most likely to purchase single-family homes, with lesbian/gay buyers the least likely at 79%. Heterosexual buyers were the most likely to purchase multi-generational homes at 13%. Lesbian/gay buyers were most likely live in an urban center at 28%.
Freddie Mac reported in April that the LGBTQ homeownership rate remains 16% below the national average, according to a report by the National Association of Gay & Lesbian Real Estate Professionals (NAGLREP).
According to this report, one of the biggest barriers to homeownership for the LGBT renter is not unlike that faced by most homebuyers—saving up for a down payment. Seventy percent of LGBT individuals surveyed by Freddie Mac listed this as a top challenge, whereas 81% of NAGLREP members cited lack of funds for a down payment and waiting for the right time to buy as the top hurdles keeping this demographic from owning a home.