Examining the Financial Trade-Off: Affordability vs. Legal Protections
PR Newswire In the quest for a new home, LGBTQIA+ individuals face a unique challenge beyond the usual considerations: the need for protection from discrimination in their chosen neighborhood.
Recent analysis conducted by Zillow reveals that LGBTQIA+ home shoppers often find themselves paying a premium to reside in areas that offer explicit legal safeguards.
This disparity highlights an unfortunate reality where safety, acceptance, and protection come at an additional cost for LGBTQIA+ families.
Comprehensive federal protections against housing discrimination based on sexual orientation and gender identity remain elusive, leaving a fragmented landscape where local laws vary significantly.
Less than half of the U.S.states currently provide statewide legislation that explicitly prohibits such discrimination, leaving LGBTQIA+ buyers with limited options.
It can often feel as though an “unwelcome” sign has been posted in areas lacking these protections, creating barriers for homeseekers within the LGBTQIA+ community.
Zillow’s thorough examination of the housing market reveals that typical home values in jurisdictions with legal protections are approximately 46% higher than in places without such laws.
Among the states and regions offering explicit protections, Hawaii claims the highest premium, with typical home values soaring around 180% higher compared to areas without these safeguards. California follows closely at 148%, with Washington, D.C.at 112%. However, a few states manage to buck this trend, offering both legal protections and home values lower than those without safeguards.
Iowa leads the way, boasting a typical home value 30% less than states or jurisdictions lacking protections. Other states in this category include Michigan (-22%), Illinois (-17%), Wisconsin (-7%), and New Mexico (-3%).
These examples demonstrate that affordable options can exist even within areas that prioritize equality. The higher housing costs disproportionately faced by LGBTQIA+ buyers shed light on their increased concerns about the affordability of housing in their neighborhoods.
According to a recent Zillow survey, 74% of LGBTQIA+ adults expressed worry about housing costs, compared to 64% of cisgender heterosexual respondents.
Despite having similar incomes, LGBTQIA+ buyers often gravitate toward multi-family home types such as duplexes/triplexes or condos, which can offer relatively lower-cost options within pricier markets. Achieving homeownership in areas with protections often demands significant sacrifices.
In the same survey, an astounding 89% of LGBTQIA+ buyers reported making at least one sacrifice to save up for their down payment. These sacrifices ranged from postponing or canceling health services to skipping meals.
This underscores the resilience and determination of the LGBTQIA+ community, who strive to overcome financial hurdles on their path to homeownership.
While progress has been made, there is still much work to be done to create an equitable housing market for all.
Recognizing the need for transparency, Zillow now displays local legal protections on every for-sale and rental listing, including safeguards against LGBTQ discrimination and source-of-income discrimination.
Additionally, a single flat-free rental application has been introduced, proving to be a game changer for LGBTQIA+ renters who historically face higher upfront costs.
For aspiring homebuyers, Zillow showcases locally available down payment assistance programs on all listings, ensuring that resources are readily accessible to help them fulfill their dream of powning a home. The struggle for equality in housing remains an ongoing endeavor.
LGBTQIA+ homebuyers deserve a fair and inclusive marketplace, where their identities are respected, and their aspirations can be realized without undue financial burden.
As we collectively strive to build a better future, it is imperative to continue championing the cause of empowerment, representation, and community-building for Black and LGBTQIA+ voices.
Follow us at @coolbruthas, join the discussion, and become a part of the movement. Together, let’s advocate for housing equality. Stay Fresh, Stay True.
Source: “Legal Protections Come at a Cost for LGBTQIA+ Home Shoppers.” PR Newswire, June 30, 2023.
