At CAR, we have many industry partners, one of which is the National Association of Gay and Lesbian Real Estate Professionals (NAGLREP). Not only does NAGLREP provide industry information on LGBT homebuying and selling, they also work with associations like us to support Fair Housing for their community.
Recently, NAGLREP released the LGBT Real Estate Report 2020-2021, which highlighted the following information:
- LGBT homeownership rates are at 49%, which is below the national average of 65%.
- 94% in the LGBT community greatly value safety and a welcoming community when choosing a neighborhood.
- 46% fear discrimination in their future home buying process.
- Loan approval rates for same-sex couples was 3-8% lower than heterosexual couples across the country.
- Same-sex applicants were 73% more likely to be denied a loan than heterosexual couples.
- Same-sex couples paid more in interest and fees. The difference in finance fees averaged less than 0.5%, but combined added up as much as $86 million annually.
In Chicago and Cook County, sexual orientation is a protected class, meaning the law protects them from discrimination or harassment. This, unfortunately, is not true for the rest of the country, as U.S. federal law does not protect against sexual orientation. Our GADs ensure the safety and equality for the LGBT community in real estate as a part of their advocacy work in Chicago and Cook County.