The first-ever LGBT homebuyer and seller survey was conducted by Better Homes and Gardens® Real Estate and the National Association of Gay and Lesbian Real Estate Professionals (NAGLREP), showing that a majority of LGBTs across America believe that homeownership is a good investment.
The result were released May 27, and nine out of 10 LGBT homeowners that were surveyed out of the more than 1,700 total think homeownership is a good investment; 75 percent of LGBT non-homeowners think owning a home is a good investment.
“This groundbreaking study sheds new light on the aspirations and concerns of this important consumer segment and opens the door for more thoughtful discussion throughout the real estate industry as to how we can best serve and help these consumers achieve the dream of homeownership,” said President and CEO of Better Homes and Gardens Real Estate LLC Sherry Chris in a press release.
The NAGLREP is an organization that is a referral network for LGBT and gay friendly realtors. Established in 2007, NAGLREP has more than 850 members in more than eight states.
“Individuals who identify themselves as LGBT represent an estimated buying power of $840 billion and reportedly live in 99.3 percent of all counties nationwide,” said Jeff Berger, founder, NAGLREP. “The LGBT community is a key part of the nation’s landscape and a powerful market segment that is increasingly achieving social milestones that are historical triggers to home purchases, such as partnerships, marriage and having children.”
With the Supreme Court reviewing marriage equality for the entire U.S., 81 percent of LGBTs surveyed feel a ruling in favor for marriage equality will make them feel more financially protected and stable, which in turn allows couples to eventually invest in a home.
Other key points from the survey results include:
-82 percent of LGBT Millennials are concerned about rising rent prices and more than half plan of surveyed Millennials plan to have children.
-Most surveyed LGBTs that plan to purchase a home in three years want an agent who has a great reputation and is LGBT-friendly more than their years of experience.
-With about 60 percent of LGBT Millennials in the survey saying they planned on having a family in the future, the neighborhood having good school districts and lifestyle options — like parks and museums — were important to LGBTs.
-When it comes to home design, 48 percent said that having an outdoor living space was extremely important and 44 percent said an open concept living area was important. For LGBT respondents looking to purchase a home, outdoor living space (48% a strong priority) and an open concept living area (44% a strong priority) reign supreme.
To see the entire survey results, visit www.naglrep.com/lgbtsurvey.