Are you wishing to move to a more gay city? I took the plunge two years ago and moved to the metropolis of Fort Lauderdale and just a couple blocks north of Wilton Manors. Since my move here, I've been renting a room from friends and it has been great. No matter how great it has been, I do desire my own home again and I've been looking to either rent or buy. Seeing what the prices are here for a clean updated home makes me rethink my choice in zip code. Some recent research done by Trulia shows me that Wilton Manors is not alone when it comes to higher prices in the gayborhood.
Three years ago, we explored how the housing market fared in the gayest neighborhoods across the country. One of the most interesting findings from that report was that gay men tended to live in more expensive ZIP codes than gay women, even when looking at ZIPs within the same metro. In honor of Gay Pride this year, we wanted to revisit these neighborhoods and find out what’s changed since 2012.
To do this, we calculated the share of households that are same-sex male couples and same-sex female couples in every ZIP code in America using the 2010 Census. Focusing on just the top 10 ZIPs with the highest concentration of same-sex male and same-sex female couples, we then calculated the median price per foot of homes for sale in each ZIP code on Trulia as of June 1, 2015 and compared it to June 1, 2012 to find out how prices have changed, both over time and relative to their metropolitan area. – Trulia.com
I think we all know that gay homes in gayborhoods are more expensive than their surrounding comps. Truilia's report comparing today's prices with those of three years ago shows that we not only are living in more expensive neighborhoods, but our selected dwellings are increasing in value faster than others.
Home Prices Higher and Growing Faster Where Gay Men Live
In June of 2012, homes in gay men neighborhoods cost $188 per square foot, which is $55 more expensive than in gay women neighborhoods. Since then, gay men neighborhoods have gone on a tear – becoming $81 per square foot more expensive.
Over the last three years, home prices in gay men neighborhoods have grown by an average of 23%. Of course, this figures mask changes in individual neighborhoods, so here’s a look at where prices have risen the most. – Trulia.com
Here are some of the charts presented by Trulia. showing home prices from 2012 as well as gayborhood home prices compared to the larger metro areas. Click on images for a larger view.
And until this Trulia study I was naive about there being lesbian neighborhoods.
So a gay home is worth more than a lesbian home? No, not at all. Well, okay, maybe. But that is most likely due to a little bit of history and child raising.
So why the discrepancy in price growth between same-sex male and female neighborhoods? A couple of reasons. First, the top gay men neighborhoods are places where prices were already high relative to their metros, and thus were not hit as hard during the housing crash as other less expensive neighborhoods within their respective metros. Second, gay women couples are 2.4X as likely to have children than gay men couples, so it could be that gay women seek up-and-coming neighborhoods with good schools to raise their children. Nonetheless, all of these neighborhoods are likely to be full of pride during the month of June, and not just because of strong price gains. – Trulia.com
Thanks Ralph McLaughlin for sharing this Trulia research with us. Definitely go over to Trulia.com and see how they came up with these numbers and why they studied the communities above.
Does this information make you want to look for a home in a gayborhood since it's a good investment?
Or do these numbers shy you away from shelling out a larger payment to buying where your fellow rainbow flag flying friends are?