Report lays out wealth, housing gaps facing LGBTQ+ Gen Z

A report released by the LGBTQ+ Real Estate Alliance says LGBTQ+ members of Gen Z may face greater obstacles than heterosexual peers in building wealth, advancing in their careers and achieving homeownership.

The organization, which represents about 3,000 members, released its sixth annual LGBTQ+ Real Estate Report this week as it convened its annual housing policy symposium in Washington, D.C.

The report surveyed nearly 400 respondents using paired hypothetical profiles of two identical Gen Z individuals, with the only difference being sexual orientation.

“There has been so much discussion about the wealth gap that exists in our nation and the potential lack of access to homeownership. As the number of young adults self-identifying as part of the LGBTQ+ community has risen to nearly 25% of the entire Gen Z population, we wanted to explore how this group may fare in the future,” said Tommie Wherle, president of the LGBTQ+ Real Estate Alliance. “Our report makes it clear that LGBTQ+ Gen Z adults will likely fall behind in the workforce, acquiring wealth, gaining financial stability and entering homeownership.”

Falling behind heterosexual peers

Findings suggest respondents expect heterosexual Gen Z individuals to advance more quickly in several areas of career and financial development.

According to the report, a majority of respondents believe heterosexual individuals are more likely to receive promotions, reach senior leadership roles and accumulate wealth.

The report also found differences in expectations around financial support from family and the timing of homeownership.

Key findings include that 78.9% of respondents believe heterosexual individuals are more likely than a similar LGBTQ+ person to receive family financial support, such as inheritance or down payment assistance.

Finding ‘the American Dream’

On milestones associated with the “American Dream,” respondents ranked homeownership first for heterosexual individuals, followed by financial independence and marriage.

For LGBTQ+ individuals, respondents ranked living in a safe community first, followed by financial independence and personal freedom.

The report also found differing expectations for the timing of first-time home purchases. A majority of respondents said heterosexual individuals are most likely to buy a first home between ages 30 and 34.

For LGBTQ+ individuals, respondents most often selected ages 30 to 34 or 35 to 39.

“The findings should concern everyone involved in housing, real estate sales and public policy,” Wherle said. “There are approximately 70 million people in Gen Z, with approximately 16 million who self-identify as LGBTQ+. We cannot afford to leave such a sizable number of people behind.

“Today’s policies attacking our community by the current administration and in statehouses around the nation will have severe consequences down the road if there is not a course correction.”

This article was generated using HousingWire Automation and reviewed by a HousingWire editor before publication.