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State of the American family

LGBT families well positioned to achieve financial success

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By MICHAEL GLASSMAN

American families have weathered economic shifts, but the downturn of 2008 has affected families’ finances, and their relationships to their finances, in unforeseen ways. Families of all kinds are working hard to balance their many long-term expenses.

LGBT families face the same struggles that all American families are currently facing: the need to provide for their children’s education, managing their finances, taking care of family members, all while trying to save and plan for their own retirement.

In an effort to better understand what families are most concerned with, Massachusetts Mutual Life Insurance Company (MassMutual) completed the second nationwide study in its State of the American Family series. This was conducted by Forbes Consulting Group.

The research reveals that while LGBT families share some similar concerns with the general population, this community is well poised to achieve financial success.

The survey involved a 20-minute online questionnaire administered to 1,143 respondents. The sample included parents, ages 30-64, with household income of $100,000 or more. LGBT families as a group are in a relatively strong financial position with an average household income of $162,000 and average savings and investable assets of $285,000. When real estate and business interests are included, the value of their assets rises to $440,000.

Ninety-five percent of those surveyed say their spouse/domestic partner contributes financially to household expenses (vs. 79 percent of the total population) and 21 percent of those surveyed work two jobs (vs. 9 percent of the total population).

Reflecting the recently enacted same-sex marriage laws in some states, 40 percent of surveyed LGBT families are legally married; 60 percent have legally recognized domestic partnerships (primarily through civil unions). Although they are less likely to have combined all their finances (43 percent vs. 62 percent general population), they are more likely to make financial decisions jointly (58 percent vs. 50 percent general population)

Many LGBT families (40 percent vs. 34 percent general population) feel they are expected to take care of their parents when they no longer can take care of themselves. As a group, LGBT families are significantly more involved in assisting their parents and in-laws:

33 percent are primarily responsible for managing parent’s or in-laws finances (vs. 21 percent general population)

23 percent currently providing hands-on personal care assistance to parent/in-law (vs. 9 percent general population)

36 percent currently providing hands-on routine chores for parents/in-laws (vs. 23 percent general population).

Feelings about finance and financial literacy

LGBT focus for planning for the future is underscored by their higher rates of ownership of long-term planning products.

• 69 percent own mutual funds (vs. 51 percent general population)

• 95 percent own a retirement account (vs. 86 percent general population)

• 26 percent own annuities (vs. 17 percent general population)

• 35 percent own long-term care insurance (vs. 23 percent general population)

This pattern is consistent with their attitude toward planning: 69 percent say they try to influence the future with their day-to-day behavior (vs. 50 percent general population)

Despite their better than average financial situation, LGBT parents are less likely to give themselves credit for planning ahead:

• 34 percent say they should be doing more to save for the future but right now are struggling to get by (vs. 22 percent general population)

• 47 percent say that investing and financial planning should be a higher priority (vs. 33 percent general population)

Accordingly, LGBT parents tend to be particularly proactive with regard to personal finance.

While parents want to help pay for their children’s education, 57 percent of LGBT families believe that saving for their children’s college education is important to them so they can live the “American dream.” However, in order to make their children’s education vision a reality, parents will need to place a greater emphasis on long-term planning:

• 42 percent say they know they should be saving for their child’s education but they don’t have the money to invest now (vs. 24 percent general population)

Plans for retirement

LGBT families place a greater emphasis on traveling during their retirement years than do Americans as a whole. Consistent with the American population overall, the majority of LGBT families (61 percent) feel that financial security for retirement is an individual’s responsibility. Accordingly, 71 percent have estimated the amount of savings needed for retirement (vs. 65 percent general population). More than one third (36 percent) are confident they are doing a good job of preparing for retirement (vs. 30 percent general population), yet 49 percent worry about outliving their retirement savings (vs. 30 percent general population), consistent with their long-term focus.

LGBT respondents assume that personal savings will contribute a smaller share of their retirement income, and are twice as likely to believe that they will definitely work in retirement (34 percent vs. 17 percent general population).

MassMutual has been helping customers with their financial needs for more than 160 years. As a mutual company, we focus on providing long-term value for our policyholders. We have always believed that good decisions are the foundation of every sound and secure financial future. We also believe when choosing a company to work with, ownership, strength and stability matter.

Michael Glassman is a registered representative of and offers securities through MML Investors Services, LLC, member SIPC. Reach him at 301-581-7277 or [email protected].

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Real Estate

The financial realities facing LGBTQ+ first-time buyers

Beyond affordability: credit, support systems, and trust

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For many first-time buyers, the conversation starts with affordability but that only represents part of the picture. (Photo by karenroach/Bigstock)

For many first-time buyers, the conversation starts with affordability: home prices, interest rates, monthly payments, and the down payment. Yet these initial figures represent only part of the picture. For LGBTQ+ first-time buyers, credit history, access to financial support, household structure, and whether the professionals involved feel trustworthy can also shape the path to homeownership. While these hurdles affect various demographics and show up differently for everyone, they often create friction long before an offer is submitted.

Affordability Is Only the First Filter 

A buyer may be able to handle a monthly mortgage payment and still struggle to qualify for the loan they expected. Loan approval hinges on a holistic review that goes far beyond basic income. Lenders generally consider credit history, debt obligations, available cash, employment and income documentation, and the buyer’s overall financial profile. That distinction matters for first-time buyers who have spent years paying rent successfully but have a limited credit file, uneven credit history, student loan balances, or other debt. Even renters with flawless track records of managing monthly payments can run into unexpected hurdles when a lender applies standard underwriting criteria. Early preparation can help. By auditing credit reports, resolving discrepancies, tackling existing debt, accumulating savings, and engaging early with a certified loan officer, buyers can catch and fix vulnerabilities before they derail a deal.

Support Systems Can Change What Is Possible 

Homebuying advice often assumes that first-time buyers have access to a familiar financial safety net: parents who can help with a down payment, relatives who can provide a gift, or family members who can explain the process because they have purchased homes before. That support is not universal. Some LGBTQ+ buyers have strong financial and emotional support from their families of origin. Others turn to partners, close friends, trusted mentors, or chosen family for backing, while some navigate the entire venture independently. The important point is not to assume what a buyer’s support system looks like. The difference can be practical. When family assistance isn’t an option, buyers often need more time to build reserves. They may rely heavily on down-payment assistance programs or specialized loan options offered by their lender. A buyer receiving gift funds may need to understand documentation requirements before using those funds. Support also includes knowledge. Those raised around property owners often enter the process with a baseline understanding of key mechanics like earnest money, home inspections, appraisals, closing fees, and mortgage terminology. A first-generation buyer may be learning it all at once. Lacking that foundational awareness can lead to costly mistakes surrounding critical deadlines, hidden fees, and contractual obligations.

Household Structure Deserves Careful Planning 

LGBTQ+ buyers may purchase alone, with a spouse, with an unmarried partner, or in another shared household arrangement. These varying arrangements change the game for mortgage applications, combined credit assessments, titling methods, and the division of ongoing home equity. Those decisions deserve deliberate attention. Because two co-buyers may have vastly different credit standings, putting both names on a mortgage application isn’t always the best route. Mortgage responsibility and legal ownership are related, but not identical. A first-time buyer should be able to ask these questions without feeling awkward about explaining a relationship, correcting assumptions, or wondering whether a professional understands the household in front of them. If legal or tax complications surface, buyers should seek tailored advice from an independent professional.

Trust Is a Financial Issue, Too 

Trust can sound like a “soft” consideration compared with a credit score or closing-cost estimate. In reality, it directly shapes strategic financial choices at every stage of the transaction. A buyer who doesn’t feel comfortable with an agent or lender may hesitate to disclose concerns, ask basic questions, or admit they don’t understand a term. They might hold back on detailing how they plan to co-own a home with a partner, or unquestioningly agree to costs without fully grasping the long-term impact. That is a poor foundation for a major financial commitment. First-time buyers need professionals who explain the process clearly, respect the buyer’s household and identity, and make room for questions without judgment. High-level skill and deep market knowledge remain essential, but clear communication and accountability are equally vital. Buyers should understand who each professional represents, what that professional is responsible for, and when outside legal, tax, insurance, or financial advice may be appropriate.

A Better First Step Is Better Information 

The financial realities of buying a first home extend well beyond the list price. A buyer’s credit profile determines loan availability, while their support network dictates their financial wiggle room and access to guidance. Household structure can affect borrowing and ownership decisions. Ultimately, trust is what empowers a buyer to speak up, ask tough questions, and safeguard their financial well-being. For LGBTQ+ buyers, an affirming experience should not replace professional expertise. True support requires both identity-affirming care and top-tier professional guidance working in tandem. Pride Real Estate Connections was built from lived experience with exclusion in real estate and connects LGBTQ+ buyers, sellers, families, and allies with independent real estate professionals through its referral network. The goal is simple: connect clients with vetted agents and lenders who offer unconditional respect, deep expertise, and a space where no one has to minimize who they are. Buying a first home is already complex. Buyers deserve the clarity to focus on core choices: managing their budget, structuring ownership, navigating tradeoffs, and relying on advisors who truly have their back. Pride REC is a referral and connection platform, not a brokerage, and independent real estate professionals provide their own services. Buyers must execute their own due diligence and partner with accredited legal, tax, and lending specialists tailored to their unique needs.


Devin Schaff is co-founder of Pride Real Estate Connections.

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Real Estate

Factors to consider when hiring an interior designer

It’s essential to have confidence in the professionals you engage

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(Photo courtesy of StatePoint)

(StatePoint) Ready to redesign your home? Whether you have only a vague notion of how you want your spaces to look or a very specific vision, relying on the expertise of a professional can help you bring your dream home to life. Before choosing and hiring an interior designer, though, be sure to take the following factors into consideration:

Style: Identify your style. Is it boho chic? Industrial? Maximalist? Many designers have their own signature look and preferences. It’s best to understand what vibe you want first, then search for a designer who aligns with that style.

Past client projects: One of the best ways to know whether a particular designer is the right fit for you is to review their past client projects. Ask to see their portfolio or review their finished projects on their website or socials. Also, take a look at reviews and testimonials to ensure their previous customers walked away satisfied with a job well done.

Budget: Communicate your budget in advance of work to confirm that you and your designer are on the same page financially. Your decorator will need this ballpark figure to get a handle on the scope of the project and to make design decisions accordingly. You should also use this conversation to understand their rates so you can decide whether you want to move forward.

Preferred vendors: It’s important that the interior designer you choose has preferred vendors that they work with. These are partners they’ve built strong relationships with that provide the same first-rate experience they do, and have streamlined processes in place. “A home renovation has so many moving parts. That’s why we try to take the hassle out of the process for designers and homeowners alike,” says Katie Zess, senior marketing manager and director of Renewal by Andersen’s Interior Designer Loyalty Program. 

Through the loyalty program, the full-service window and door replacement division of Andersen Corporation offers their program members exclusive access and rewards, including a “designer discount” they can share with their clients. Renewal by Andersen also offers designers a dedicated point of contact to ensure a smooth process that’s customized for your project from start to finish. To learn more, visit renewalbyandersen.com.

Before you begin your home renovation, it’s essential to have confidence in the professionals you hire. Be sure your interior designer has fostered partnerships that will streamline your redesign, and that their goals and budget aligns with yours.

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Real Estate

The LGBTQ real estate map is being redrawn

Affordability, higher mortgage rates reshaping where we choose to call home

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LGBTQ buyers are looking beyond Palm Springs and other popular queer destinations these days when searching for a forever home. (Photo by photojohn830/Bigstock)

For decades, the map of LGBTQ+ America was relatively easy to recognize.

New York. San Francisco. Los Angeles. Palm Springs. Provincetown. Fort Lauderdale and Wilton Manors.

These communities became LGBTQ+ destinations because they offered something that wasn’t always easy to find elsewhere: visibility, acceptance, community and the freedom to live openly.

But that map is changing.

Today’s LGBTQ+ homebuyers are navigating a housing market defined by high prices, elevated mortgage rates and affordability challenges. At the same time, remote and hybrid work, retirement and the growth of LGBTQ+ communities beyond traditional destinations are giving buyers more choices about where to live.

Increasingly, the question isn’t simply, “Where are the most LGBTQ-friendly places to live?”

It’s also: “Where can I find community and afford the life I want?”

That shift may become one of the defining LGBTQ+ real estate trends of the coming decade.

Affordability Is Changing the Conversation

For many buyers, the biggest issue in today’s housing market is simple: the monthly payment.

The average 30-year fixed mortgage rate was 6.95% in mid-September, compared with 6.26% a year earlier, according to Freddie Mac.

Meanwhile, the median price of an existing U.S. home reached $429,100 in August, according to the National Association of Realtors.

The combination of elevated home prices and higher borrowing costs has changed what many Americans can afford—and where they can afford it.

Some buyers are purchasing smaller homes or condominiums. Others are moving farther from major urban centers. Still others are reconsidering expensive markets entirely.

For LGBTQ+ buyers, this is helping broaden the definition of an LGBTQ+-friendly place to call home.

LGBTQ+ Buyers Have More Choices

A generation ago, relocating away from a major city or established gay neighborhood could sometimes mean sacrificing access to a visible LGBTQ+ community.

That’s increasingly less true.

Traditional LGBTQ+ destinations such as Palm Springs, Fort Lauderdale and Wilton Manors, San Francisco, New York and Provincetown remain important centers of LGBTQ+ life. But today, LGBTQ+ buyers can also find established or growing communities in cities across the country.

Places such as Minneapolis, Columbus, Pittsburgh, Richmond, Atlanta and the Tampa Bay area are among the markets attracting buyers who may be looking for a different balance of housing costs, lifestyle and community.

The goal isn’t necessarily to find the cheapest house.

It’s to find the right combination of affordability, LGBTQ+ community, lifestyle, employment opportunities, healthcare, culture and quality of life.

Remote and hybrid work have expanded those possibilities for some buyers. If a job no longer requires being in an expensive employment center five days a week, the geographic search for a home can become considerably larger.

That can make communities that once seemed impractical suddenly worth considering.

Retirement Is Redrawing the Map, Too

Retirement is another important part of the changing LGBTQ+ real estate landscape.

As more Americans reach retirement age, LGBTQ+ retirees are considering where they want to spend the next chapter of their lives. Housing costs, taxes, healthcare, climate and proximity to airports, restaurants and cultural activities all play a role.

But LGBTQ+ retirees may have additional questions.

Will I feel comfortable living openly?

Is there an LGBTQ+ community nearby?

Can I find LGBTQ+-affirming healthcare?

Will I have opportunities to build a social network as I get older?

Those considerations can make choosing a retirement destination particularly personal.

Palm Springs and Fort Lauderdale/Wilton Manors remain well-known LGBTQ+ retirement destinations. But retirees are also exploring smaller cities and communities across the Southeast, Midwest and other regions where housing costs and lifestyles can look very different.

For many, the search is becoming less about moving to a famous gay destination and more about finding a place where community, lifestyle and affordability intersect.

Buyers Finally Have More Leverage

There is another significant change in today’s housing market: buyers have regained some negotiating power.

The National Association of Realtors reported 1.62 million existing homes for sale in August, up 5.9% from a year earlier. That represents approximately 4.9 months of housing supply, the highest level in more than a decade.

Realtor.com also reported that 20.4% of active listings had experienced a price reduction in August.

That’s a very different environment from the pandemic-era housing market, when buyers in many communities faced bidding wars, waived inspections and offers well above asking price.

Depending on the market, today’s buyer may have more time to evaluate a property and greater opportunity to negotiate price, repairs, closing costs or other concessions.

But there is an important caveat: there is no single national housing market.

Conditions can vary dramatically from one city—or even one neighborhood—to another. Some markets remain competitive, while others have considerably more inventory and negotiating room.

That’s one reason local expertise matters.

Sellers Need a Different Strategy

The changing market also has implications for LGBTQ+ homeowners considering selling.

Strategies that worked several years ago may not work today.

Buyers are highly sensitive to monthly payments, and an overpriced home can quickly be passed over when competing properties are available.

Sellers should pay close attention not only to recent comparable sales but also to homes currently competing for the same buyer.

Condition matters, too.

Repairs, landscaping, staging and professional photography can make a meaningful difference when buyers have more choices. Pricing correctly from the beginning has also become increasingly important.

More Than 30 Years Serving the LGBTQ+ Community

One part of buying or selling a home hasn’t changed: the importance of working with a real estate professional who understands your priorities.

For more than 30 years, GayRealEstate.com has served the LGBTQ+ community, connecting buyers and sellers with LGBTQ+ and allied real estate professionals throughout the United States.

Over that time, the GayRealEstate.com network has supported more than $2 billion in real estate sales and more than 55,000 transactions.

Behind those numbers are thousands of people making one of life’s most personal decisions: where to call home.

For LGBTQ+ buyers, that conversation can involve much more than bedrooms, bathrooms and price per square foot. It can include community, acceptance, healthcare, family, retirement, lifestyle and the ability to live openly.

An experienced LGBTQ+ or allied real estate professional can understand why those considerations belong in the real estate conversation.

Finding Home in a Changing America

The 2026 housing market presents real challenges.

Mortgage rates remain elevated. Home prices are high. Affordability continues to strain buyers across much of the country.

But there are also signs of a more balanced market. Inventory has increased. Price reductions have become more common. Buyers in many markets have regained negotiating power.

And for LGBTQ+ Americans, something else has changed: there are more places to consider calling home.

The next great LGBTQ+ destination doesn’t necessarily need the country’s largest Pride celebration or its most famous gay neighborhood.

It could be a smaller city with a growing LGBTQ+ community, attainable housing, good healthcare, strong cultural amenities and a quality of life that leaves room for travel, retirement or simply enjoying the home you’ve worked hard to own.

Ultimately, today’s LGBTQ+ real estate search increasingly comes down to three questions:

Where can I afford the life I want?

Where will I find my community?

And where will I feel at home?

The answers are becoming more varied—and that’s helping redraw the map of LGBTQ+ America.


Scott Helms is with GayRealEstate.com.

GayRealEstate.com has served the LGBTQ+ community for more than 30 years, connecting LGBTQ+ homebuyers and sellers with LGBTQ+ and allied real estate professionals across the United States. Its network has supported more than $2 billion in real estate sales and more than 55,000 transactions.

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