St. Paul, Minn. (May 9, 2024) – The LGBTQ+ Real Estate Alliance, one of the nation’s leading LGBTQ+ trade organizations with more than 4,000 members, has unveiled its fourth annual LGBTQ+ Real Estate Report which found that more than 70% of aging LGBTQ+ Alliance members believe it is harder for an LGBTQ+ person to choose a place to live in retirement than straight people.

The 42 -page report, which addresses how the Baby Boomer generation has impacted the nation’s housing market and LGBTQ+ movement, also found that members have greater equity than a typical American and are strongly considering moving to another state – and even country – in retirement. It also found that a majority of LGBTQ+ members have ruled out retiring in markets with low LGBTQ+ acceptance rates.

“I was born in the mid-1960s and just missed being called a Baby Boomer but I consider myself an honorary member,” said LGBTQ+ Real Estate Alliance President Anita Blue. “At 76 million strong they changed the course of American life at every step of their lives. And they are doing it again as they enter retirement and the later phases of their lives. Baby Boomers are also credited with changing the face of LGBTQ+ life in our nation. Baby Boomers suffered, endured, fought for equality, broke barriers, and improved the lives of so many. Now that so many in our community are aging, we wanted to gain insight into what retirement living might look like for LGBTQ+ people.”

The LGBTQ+ Real Estate Report utilized research from more than 40 sources and the annual Alliance member survey. Key findings include:

Where To Live in Retirement

The report found that a sizeable number LGBTQ+ members who plan to move in retirement expect their retirement home to be in a different state or country.

If moving, distance from current home	65+ (LGBTQ+ members)	55-to-64 (LGBTQ+ members)	45-to-54 (LGBTQ+ members)
Within 5 miles	11.8%	4.0%	4.6%
5-10 miles	0.0%	4.0%	6.1%
11-15 miles	0.0%%	4.0%	1.5%
16-30 miles	0.0%	5.3%	3.0%
31-49 miles	0.0%	2.7%	1.5%
Over 50 miles	0.0%	4.0%	4.6%
In a different state	35.3%	25.3%	30.3%
In a different country	35.3%	21.3%	19.7%
Don’t Know	11.8%	24.0%	28.8%

Choosing Where to Live in Retirement is Hard

Compared to straight ally Alliance members 45-and-older,16.5% more LGBTQ+ members of the same age believe that choosing a place to live in retirement is harder for LGBTQ+ people than a straight person. In fact, 75% of those 45-54 felt this way.

An LGBTQ+ person choosing a place to live after retirement compared to a straight person	45+ (Straight members)	45+ (LGBTQ+ members)	65 + (LGBTQ+ members)	55-to-64 (LGBTQ+ members)	45-to-54 (LGBTQ+ members)
Much Harder	21.3%	31.8%	23.3%	29.5%	35.0%
Somewhat Harder	41.0%	40.8%	43.3%	41.1%	40.0%
The Same	11.5%	19.0%	20.0%	22.1%	16.3%
Somewhat Easier	0.0%	1.0%	0.0%	1.1%	1.3%
Much Easier	0.0%	0.0%	0.0%	0.0%	0.0%

To Sell or Not to Sell

Fannie Mae reported that 56% of Americans over 60 “would never sell” their homes, while 27% said they might sell at some point. LGBTQ+ members of the Alliance are not as likely to remain in their current homes after retirement as 46.7% of those 65-plus reported they will do so while just 35.1% of those 55-64 and 17.5% of those 45-54 are planning to. 

Additionally, of those anticipating selling, 47.1% of those LGBTQ+ members 65-plus, 63.2% of those 55-to-65 and 70.7% of those 45-to-54 expect to sell their home before turning 75.

Remain in their current home after retirement	Over 65 (LGBTQ+ members)	55-to-64 (LGBTQ+ members)	45-to-54 (LGBTQ+ members)
Yes	46.7%	35.1%	17.5%
No	36.7%	29.9%	53.8%
Don’t Know	10.0%	33.0%	25.0%

 

If moving, anticipated age they will sell their homes	Over 65 (LGBTQ+ members)	55-to-64 (LGBTQ+ members)	45-to-54 (LGBTQ+ members)
Under 60	–/–	5.3%	36.7%
60-65	–/–	19.7%	15.2%
66-70	17.7%	25.0%	12.1%
71-75	29.4%	13.2%	6.7%
76-80	11.8%	5.3%	4.6%
81-85	5.9%	2.6%	0.0%
Over 85	0.0%	4.0%	3.0%
Don’t Know	23.5%	22.4%	16.7%

Factors Impacting the Retirement Home

Safety, affordability, and the ability to live authentically are the three most critical factors the LGBTQ+ community faces in retirement living. However, 69.6% of LGBTQ+ members 45-54 said they would not consider moving to areas with low LGBTQ+ acceptance rates.

Ruled out markets with low LGBTQ+ acceptance rates	65+ (LGBTQ+ members)	55-to-64 (LGBTQ+ members)	45-to-54 (LGBTQ+ members)
Yes	65.5%	53.1%	69.6%
No	31.0%	24.0%	24.1%
Don’t Know	0.0%	16.7%	5.1%

 

Most important factors for moving to a new community in retirement living	65+ (LGBTQ+ members)	55-to-64 (LGBTQ+ members)	45-to-54 (LGBTQ+ members)
Affordability	61.0%	46.8%	47.7%
Safety	58.5%	58.1%	55.9%
Freedom to live authentically	39.0%	50.0%	61.5%
Access to LGBTQ+-focused resources	17.1%	12.1%	13.8%
LGBTQ+ friendly markets	12.2%	26.6%	26.6%
Acceptance levels	9.8%	17.7%	22.0%
Access to LGBTQ+-friendly businesses	7.3%	20.2%	23.9%
Having to “go back in the closet”	0.0%	2.4%	0.9%

Surveyed LGBTQ+ Members Have Greater Equity

The Harvard Joint Center for Housing Study found that those 65-plus currently have equity of $250,000 on their homes, up from $170,000 in 2019. However, LGBTQ+ members of the LGBTQ+ Real Estate Alliance are faring even better with 60.2% of those 55-64 and 63.3% of those 65-plus, respectively, reporting having higher equity than $250,000.

What Will the Retirement Home Look Like?

LGBTQ+ Alliance members were overwhelmingly in agreement that if they were to move for retirement, they would want to downsize. Of those 65-plus, 70.6% would do so compared to 11.8% buying a larger home and the same number staying the same size. Those 55-64 were more likely to downsize or stay the same (58.7% and 22.7%, respectively compared to only 4.0% who would upsize.

The majority of LGBTQ+ members identified a single-family home in a suburb or small urban setting as their preferred community. Most are not considering a 55-plus or independent living community.

A download of the full report is available here.

 

Methodology: The LGBTQ+ Real Estate Alliance allowed members to participate in its fourth annual member survey from March 15-26, 2024. More than 400 members participated, including approximately 300 who self-identified as part of the LGBTQ+ community.