Just a few weeks ago, the Supreme Court made a decision to legalize same-sex marriage in all fifty states in the US. This decision also means that homeownership will increase among gay couples.
According to Sherry Chris, CEO of Better Homes and Gardens Real Estate, the lesbian, gay, bisexual, transgender population of the US is “a powerful market segment that represents an estimated buying power of $840 billion.” Allowing the LGBT community to marry only makes this buying power even more powerful when two incomes join together.
As home prices are currently on the rise and mortgage rates are spiking as well, two incomes coming together make a home purchase by gay couples much more feasible. Being bound by marriage also convinces lenders that a couple is worthy of a mortgage. Having a legally married status means less paperwork for couples and more credibility when purchasing a home and dealing with the finances. Also, because this is a nationwide decision means that gay couples can choose to purchase a home in any of the fifty states.
According to a survey by Better Homes and Gardens Real Estate and the National Association of Gay and Lesbian Real Estate Professionals, 81% of its nearly 1,800 LGBT respondents felt that “a ruling for marriage equality will make them feel more financially protected and confident.” This demonstrates why LGBT homeownership was lagging in the past, since most couples were lacking confidence in their finances without marriage equality.
The same survey also found that only 54% of LGBT respondents owned homes, in contrast with the national homeownership rate of almost 64%. Now, with gay marriage legalized, this statistic is expected to increase somewhere closer to the national average. However,
the LGBT community still has concerns over housing discrimination due to their same-sex status, with 73% of the survey’s respondents expressing this.
Real estate professionals in an already booming economy and market are expecting only increases with the Supreme Court’s recent momentous decision. Whether you are affected by the new law or not, there truly is no better time to purchase a piece of real estate in Miami through RE/MAX Paradise today!