Skip to main content

Report: LGBT Community Less Likely to Own Homes

Phil Hall
Oct 05, 2018
Zillow unveiled LGBT Local Legal Protections

 
A new report issued by Freddie Mac has determined that members of the LGBT community were less likely to own a home than the wider population.
 
In its report that polled 2,313 LGBT adults, Freddie Mac found that 49 percent of LGBT households said they were likely to own a home, a much lower rate than the national level of 64.3 percent. Within the community, gay men and lesbians said they were the most likely to own (52 percent), while LGBT African-Americans (30 percent) and LGBT Millennials (23 percent) were less likely to become homeowners. Still, three-quarters of LGBT renters agreed that homeownership was a good financial investment and 72 percent of renters said they want to own a home in the future.
 
As for the reasons behind the lower homeownership rate, 67 percent of survey respondents said they did not live in the same area in which they were raised. Forty-six percent of LGBT renters said they were afraid of encountering discrimination in the homebuying process—the Fair Housing Act does not extend its protections to discrimination to sexual orientation.
 
“We fielded this survey to get a better understanding of the current challenges facing the LGBT community, as well as their current housing choices, preferences, experiences and aspirations,” said Danny Gardner, senior vice president of affordable lending and access to credit at Freddie Mac. “What we found was that several factors—including increased mobility, lower marriage and a tendency to live in high-cost urban areas, and fears of discrimination—may be contributing to these lower homeownership rates.”
Published
Oct 05, 2018
Non-QM Lender Angel Oak Appoints David Raju As Group CIO

Firm continues to seek ways to optimize data and improve technology capabilities.

Non-QM
Oct 27, 2021
Evergrande Steadily Repays Debt While Taking On New Risk

Evergrande Chairman Hui Ka Yan has ambitious plans, signaling last Friday that the firm wants to move away from housing and focus on making electric cars. 

Industry News
Oct 26, 2021
Planet Home Lending Reports Q3 Gains In Asset Management, Servicing And Originations

The Planet Home Financial Group, LLC, parent company of Planet Home Lending, LLC and Planet Management Group, LLC reported steady growth across its servicing, correspondent and private-client channels.

Industry News
Oct 26, 2021
CFPB, DOJ And OCC Hit Trustmark National Bank For 'Deliberate' Redlining

The Consumer Financial Protection Bureau and U.S. Department of Justice, in conjunction with the Office of the Comptroller of the Currency are taking action against Trustmark National Bank for alleged redlining violations.

Industry News
Oct 25, 2021
Reports: Evergrande Group Makes $83.5M Interest Payment

Faltering Chinese development firm fends off default with payment to international bondholders.

Industry News
Oct 22, 2021
FAR Establishes Borrower Engagement Division

Finance of America Reverse LLC announced its formally established Borrower Engagement Division.

Industry News
Oct 22, 2021