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The LGBTQ generational wealth gap

Family rejection, inheritance exclusion contribute to problems

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It’s no secret that LGBTQ+ people face a range of financial challenges that heterosexual people simply don’t need to contend with. Less discussed are the effects of financial discrimination on building LGBTQ+ generational wealth. The stereotypical view of a wealthy gay couple with no children and a sizable disposable income is just that — a stereotype. 

In reality, the “American Dream”— buying a home, getting married, having kids, finding a good job and investing in a 401(k) — is out of reach for many LGBTQ+ people, according to a survey by TD Ameritrade. Almost two thirds (35 percent) of LGBTQ+ millennials say they are unlikely to achieve these goals by age 40, compared to fewer than half of straight millennials. The same survey found that while the average annual income for a straight household is $79,400, the average LGBTQ+ household earns just $66,200 a year.

LGBTQ+ people are being left out of generational wealth for many reasons including family rejection, systematic barriers and a lack of financial education. With almost half of LGBTQ+ adults saying they have been excluded by a family member or close friend as a result of their sexual orientation or gender identity, according to a study by the Pew Research Center, a lack of familial financial support is a common problem for many in the community. 

This combination of unique financial barriers that LGBTQ+ people face is what has led to generational wealth gap. It’s a problem that will only affect more queer people if we don’t address it now. 

Legacy financial exclusion

At every stage of life, it’s not uncommon for LGBTQ+ people to encounter financial challenges that their heterosexual counterparts won’t face. Being kicked out of their homes as teens due to unaccepting parents, not receiving financial support from family for college, being removed from an inheritance — the financial cost of being LGBTQ+ can be substantial.

With the average inheritance reaching close to $177,000 according to a HSBC survey and Cerulli Associates forecasting that up to $68 trillion will trickle down to younger generations within 25 years, LGBTQ+ heirs could collectively lose trillions through inheritance exclusion. 

“Even much smaller amounts could help folks pay off debt, pay off a home, send their own kids to college and help them with their own retirement. Many LGBTQ+ kids aren’t getting these benefits,” explains John Auten-Schneider. Auten-Schneider is the co-owner of The Debt Free Guys blog and host of the Queer Money podcast, a leading gay money blog and podcast for the LGBTQ+ community run by him and his husband, David.

Raising a deposit for a house or apartment can be a difficult task for all people, but without financial support from family, many would not be able to fund a deposit. When David’s parents pass away, David’s sister will likely be inheriting upwards of $1,000,000. Yet, David says, he won’t receive any of this money, solely because he’s gay. “His parents have every right to do with their money what they want, but it’s a particular disappointment that they’ll do this only because he’s gay. This, of course, means we need to plan differently for our retirement than his sister does,” explains John. 

Just because David and John are LGBTQ+ financial experts doesn’t mean they don’t deal with many of the same systematic challenges that impact other members of the community. Younger LGBTQ+ people also face challenges directly related to their sexuality or gender identity.

A disproportionately high number of young people experiencing homelessness identify as members of the LGBTQ+ community. According to research from the Williams Institute, between 20 percent and 45 percent of homeless youth identify as LGBTQ+. Lacking access to basic housing or financial support from family can set up a young person up for economic disadvantage before they even graduate from high school.

LGBTQ+ students also shoulder a larger student debt burden than their straight peers to the tune of an extra $16,000. “This has been attributed, in part, to LGBTQ+ college students assuming more debt simply to leave hostile home lives. In some cases, parents may forgo helping their queer children in favor of helping their straight children,” explains John.

Knowledge is power

At the start of 2020, Michigan-based Lexa VanDamme was at her financial rock bottom. Stuck at work after a 70-plus hour work week with no money in her bank account, bills due the next day and a broken down car, she decided to make a change. “I realized that I needed to face my financial situation,” says VanDamme. “I dove deep into the online world of personal finance to learn about budgeting, debt payoff methods, saving and investing.”

After her crash course in finance, VanDamme refinanced her credit card debt into a lower-rate personal loan, created a workable budget and started a side hustle to make extra income. There were a few bumps on her journey: “I actually cycled back into credit card debt three different times. I would pay it off, then eventually max it out a few months later,” says VanDamme. Still, she managed to pay off her debt by following the financial rules she had set for herself.

While trying to learn about personal finance on her own, VanDamme realized there was a need for accessible and relatable content that appealed to a wide range of people. She decided to create The Avocado Toast Budget (The ATB). Starting out as a blog just over a year ago, The ATB now counts more than 400,000 followers on Tiktok.

“For the longest time, the loudest voices in the personal finance community were cis, straight white males and, as a queer woman, I wanted to share information and tips that were often overlooked by those creators,” says VanDamme.

For many LGBTQ+ people like VanDamme, after spending so long hiding who she really was, she wanted to live as true to herself and be as free as possible. “This led to me ignoring my spending habits and being stuck in the paycheck-to-paycheck cycle. Airing my financial dirty laundry brought up similar feelings of anxiety and concern I felt when first coming out. How would people react? What would they think?” says VanDamme.

There is already a heavy stigma around talking about personal finances, especially when you may be struggling financially. “Since queer people often spend our lives fighting for the world to accept us and our queerness, we may be less apt to talk about our financial insecurities and struggles,” says VanDamme.

Genuine representation goes beyond just diversifying the financial content creators who receive media platforms, with the advice given by these experts also needing to be fully inclusive. “Advice tended to ignore how systems of oppression affect people of color, women, the LGBTQ+ community and more. We know statistically that it’s easier for some to build wealth than others,” she adds.

VanDamme has an ongoing series on Instagram focused on the intersectional nature of many financial issues. The series helps shed some light on the economic realities that often contributes to minority community challenges. From financial inequality that disproportionately impacts disabled people to wealth inequity and racism and the cycle of poverty, VanDamme works to educate her audience on pressing topics that matter to them.

 “It’s especially important to talk about the financial challenges that trans people in our community face. This includes increased reports of lower wages, limited and more expensive housing options, and twice the rate of unemployment. This heavily impacts their ability to build wealth,” she explains.

Intersectional challenges

While being LGBTQ+ can underpin unique money issues, queer people of color and queer women often experience additional difficulties around financial matters.

In addition to the financial barriers faced by LGBTQ+ people, queer people of color also face a racial wealth gap. Employment discrimination, systematic inequalities and disparities in financial education all contribute to this unequal financial playing field.

According to research from the Federal Reserve, the average white family’s wealth is eight times higher than the wealth of an average Black family. The gender pay gap also contributes to excluding women from building generational wealth, according to the latest statistics compiled by Pew Research, which show that women earned 84 percent of what men earned in 2020.

Carmen Perez, creator of Make Real Cents, a personal finance blog dedicated to helping people achieve financial independence, believes it’s important to have experts who are more representative of the people they’re speaking to. “I heard a quote a while ago: ‘You can’t be what you can’t see.’ I think that’s really important because eventually, if you don’t have a model to follow, either you have to be the first, or it’s never going to happen,” she says.

As a woman of color and a lesbian, Perez knows firsthand how important it is to address the absence of representation in financial education. “It’s definitely one of the things we have to step back and look at in the LGBT community,” says Perez. “There’s a compounding effect because not only am I part of the LGBT community as a lesbian, but I’m also a minority, and I’m also a woman, and there’s a lot of hurdles up against a lot of folks in this space,” she adds.

With more than 60,000 people following her Make Real Cents account, Perez is playing a part in democratizing access to finance. There, she does everything from break down the cost of credit to explain 401(k) company matches with easy-to-read graphics and Insta stories. Her methods are a world away from the complexity of some traditional financial advisors and tools.  

“Millennials are starting to change the money game because we’re delivering advice in a way that isn’t super technical. It can be so overwhelming to watch CNBC with all these screens and tickers that don’t mean anything to you personally,” says Perez.

Increased representation in the finance space means a light can be shone on vital issues, resulting in deeper conversations that make money less taboo. “We’re finding instances where historically people who have been locked out of the finance industry, by design, are speaking up. Unlike some traditional financial advisors that give out all this jargon and talk in all these terms that many may not understand,” says Perez.

Future generations

Despite the long-standing barriers facing LGBTQ+ people in gaining access to financial education and financial services, LGBTQ+ personal finance content creators now offer a way for many to improve their financial literacy in more convenient ways than ever before. While investing early and regularly is one of the most effective ways to secure a financially comfortable retirement, it’s never too late to build wealth and support for the next generation of LGBTQ+ people.

“[You can] create legacy wealth within the LGBTQ+ community by setting up your estate plan to donate to LGBTQ+ causes that will help homeless youth and [by] giving to local, younger LGBTQ+ folks you know personally,” adds John.

Negotiating the LGBTQ+ generational wealth gap is no small feat. But continuing the discussion around both financial literacy and taking steps to combat systematic financial issues can go a long way to address the financial challenges impacting the LGBTQ+ community.

“The stronger we are as LGBTQ+ individuals and allies, including our financial strength, the stronger we are as a community,” concludes John.

Finbarr Toesland is an award-winning journalist committed to illuminating vital LGBTQ+ stories and underreported issues. His journalism has been published by NBC News, BBC, Reuters, VICE, HuffPost, and The Telegraph.

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Real Estate

The rise of accidental landlords

How changing market conditions are impacting property management

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In a buyer’s market, many sellers are looking to rent their homes rather than reduce the sales price. (Photo by zimmytws/Bigstock)

Why are there more “accidental landlords” renting out their properties in the Washington, D.C., metro area? 

The answer, according to The New York Times and other sources, is the current state of the real estate market. A growing number of accidental landlords are emerging as homeowners rethink their options in a challenging sales market. Rather than accept lower offers than they feel their properties deserve, many are choosing to rent instead of sell. 

This shift reflects both financial caution and changing market dynamics, where holding onto an asset and generating rental income can seem more appealing than locking in a perceived loss.

A Market in Transition

The D.C. housing market remains fundamentally strong, but it has clearly shifted from the frenzied seller’s market of prior years. Inventory has increased significantly, and according to Redfin, active home listings in the Washington, D.C., metro area have increased significantly, with reports indicating a rise of roughly 33% to 50% year-over-year in late 2025 and early 2026. 

This surge in inventory, coupled with falling demand, has shifted the market in favor of buyers, with roughly 22% more homes for sale than interested buyers. At the same time, homes are taking longer to sell. Buyers are still active, but they’re more selective, more price-sensitive, and less likely to engage in bidding wars.

This combination of rising inventory and longer selling timelines has created a key tension: sellers are no longer guaranteed the price they want. What’s a homeowner to do? Rent.

Why Homeowners Are Choosing to Rent

Rather than reduce their asking price, many homeowners are choosing to hold onto their properties and rent them out. National data confirms this shift. According to a report from Zillow, the share of rental listings made up of homes that failed to sell has climbed to near-record levels, with these accidental landlords accounting for a growing portion of rental supply. The number of these homeowners nationwide is at a three-year high.

The underlying psychology is simple: most sellers are not under immediate pressure to sell. And instead of accepting what they perceive as a discounted price, they opt to generate rental income and wait for more favorable market conditions.

For many homeowners, renting offers a way to “pause” the sales process without exiting the market entirely.

The Ripple Effect on the Rental Market

This influx of accidental landlords is reshaping the rental landscape. And this could be you!

  1. This trend is increasing rental supply. When unsold homes are converted into rentals, they add inventory to a market that has already seen new apartment deliveries and multifamily expansion. This is one reason rent growth has cooled in recent months, with national increases slowing to modest levels. 
  1. Additionally, it is changing the type of available rental housing. Accidental landlords are more likely to offer single-family homes, townhouses, or condos; properties that differ from traditional apartment stock. Zillow notes that single-family homes make up the largest share of these rentals now.

For renters in D.C., this means more choices, particularly in neighborhoods where rental inventory was previously limited.

Operational Challenges for Accidental Landlords

While renting may seem like a straightforward fallback strategy, many accidental landlords quickly discover that property management is a complex, operationally intensive business. Some of the most common challenges include:

  • Tenant screening and leasing compliance. D.C. has robust tenant protections and rent control regulations, particularly for older multifamily buildings. One wrong step can create legal complications home owners are not prepared for.
  • Maintenance and repairs. Deferred maintenance can quickly erode profitability and tenant satisfaction. And tenants do have the power to cut into your monthly profit when certain livability standards are not met.
  • Cash flow management. Not all rental income covers mortgage payments, especially for owners with higher interest rates. 
  • Regulatory compliance. Licensing, inspections, and rent stabilization rules can create administrative burdens.

In short, many homeowners underestimate the complexity involved in the transition from owner-occupant to landlord. What begins as a temporary strategy can evolve into a long-term operational commitment.

Property Management Firms Are Stepping In

As a result, property management companies across the D.C. metro area are seeing increased demand, particularly from first-time landlords. These owners often lack the infrastructure, systems, and expertise required to manage a rental property effectively. Professional management firms provide an array of solutions including marketing and leasing services, tenant screening and placement, rent collection and financial reporting, maintenance coordination, and compliance with D.C.’s evolving regulatory environment. For accidental landlords, outsourcing these functions can turn a reactive decision into a more structured investment strategy.

Green Renting: A Strategic Advantage in D.C.’s Rental Market

One often overlooked opportunity for accidental landlords—especially in Washington, D.C.—is the growing demand for “green renting.”

Energy efficiency is no longer just a lifestyle preference. For many renters, particularly in a high-cost city like D.C., it is a financial decision. Utility costs in the District can be significant, especially during peak summer and winter months. Properties that offer lower monthly energy expenses immediately stand out in a competitive rental market.

Installing solar panels, where feasible, can meaningfully reduce or even offset tenant electricity costs. For renters comparing similar properties, the difference between a standard utility bill and a reduced or stabilized energy cost can be a deciding factor. This is particularly true in D.C., where tenants are often highly-informed, environmentally-conscious, and sensitive to total monthly living expenses, not just base rent.

For landlords, the benefits extend beyond tenant appeal. Solar installations can help reduce vacancy, support longer lease terms, and create a premium perception that differentiates a property from competing listings. In some cases, landlords may also benefit from local incentives, tax credits, or increased property value tied to energy improvements.

In a market where many accidental landlords are competing on similar housing stock—single-family homes, condos, and townhouses—energy efficiency can become a key differentiator. It is not just about sustainability; it is about positioning a property to perform better financially.

A Local Market With Unique Dynamics

Washington, D.C., is a housing market shaped by federal employment, policy changes, and macroeconomic uncertainty. Recent developments, including fluctuations in the federal workforce and return-to-office mandates, have influenced both housing supply and demand. In some cases, these shifts have contributed to increased listings and more cautious buyer behavior. At the same time, D.C.’s high cost of entry continues to support rental demand. This dual dynamic creates ideal conditions for the rise of accidental landlords. Are you ready for this seismic shift? 


Scott Bloom is owner and Senior Property Manager of Columbia Property Management.

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Advice

I don’t see the point in a relationship 

Life is short and I want to do whatever I want

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Going through life with a partner isn’t for everyone. (Photo by yanik88/Bigstock)

Michael,

I’m 34, and after being on the dating scene for about 12 years, I’m coming to the conclusion that I don’t want to be in a relationship. 

I don’t love hanging out with the same person over and over again. I don’t feel all gooey when I’ve been with someone for a while. I run out of things to say, and also, it just gets boring.

I like my space. I don’t like having to share the bathroom or have someone next to me all night, especially when they want to go to sleep holding me. I know that sounds like heaven to a lot of people but it just feels intrusive to me. 

It’s a pain to have to compromise what I want to do. When I want to go someplace on vacation, or try a restaurant, or get up early to go to the gym, or sleep in, I don’t want to have to run that by someone else and get their OK. Life’s short. I want to do what I want to do.

I feel like we are constantly bombarded with the message to date and find a mate, but I don’t really see the point.  I don’t think I’m an introvert—I have a lot of friends—but I also like to spend time by myself and not be accountable to anyone.

When I think about marriage, it seems like a very old-fashioned concept, developed for straight people who want to have children. Historically you needed one person to work and another one to stay home and raise the kids. And you needed to stay together to give your kids two parents and a stable home. I get that.

But if I’m not having kids, what’s the point? I don’t need a husband to have sex. I can and do hook up all the time. It’s so easy to find someone online. And I get to have a lot more variety when I’m single than when I’m dating. Even though my relationships are always open, when I am dating someone, I always hook up a lot less, because I have to worry about the boyfriend’s feelings being hurt if I hook up “too much.”

I know I sound unromantic and maybe selfish but this is how I see it.  

My friends are all about having a boyfriend. They think I’m being ridiculous. Can I get another opinion?

Michael replies:

You make great points. Relationships do require us to give up some of our independence. They can feel stifling at times. And when the excitement of a new partner fades, things will at times feel “boring” in all sorts of ways, including sex. You can choose to avoid all of this by remaining single.

But relationships also give us tremendous overlapping opportunities to grow, including:

Being pushed to develop a clear sense of self: When we must constantly decide what we are willing to do or not do as part of a couple; and when our partner inevitably and frequently has interests, values, and priorities that conflict with ours, then we are challenged, over and over, to decide what is most important to us and how we want to live our lives.

Frequent opportunities to build resilience: All those old issues from our past that get us upset or riled up? We have to work through them so that we can stay (pretty) calm rather than losing our minds when our buttons are pressed.  

Improving our ability to have hard conversations – and without rancor: Unless we’re able to disagree, speak up, or confront when it’s important to do so, we are going to twist ourselves into a pretzel striving to accommodate the other person. And being able to engage in tough talks in a loving way is necessary if we want to have a loving relationship.

Becoming a more generous person: You wrote that you like to have things your way. But part of life, whether or not we are partnered, involves being thoughtful, considerate, and willing to put someone else first at times. Great relationships require us to do all of these things regularly—and many of us find that contributing to the happiness of someone we care about can increase our own happiness.

Besides these ongoing challenges, relationships give us the experience of someone knowing us deeply, and knowing someone deeply.  There can be great comfort in going through life with someone with whom we have this intimate connection, along with ongoing shared experiences of trust, support, comfort, and love. Long-term companionship is also an adventure: Can we keep the relationship vibrant and fun as we both keep changing over time? 

If you choose to remain single: Many people play their friendships on the easy setting, keeping things pleasant, on-the-surface, and non-confrontational; and cutting people off when things aren’t going well. Hanging in there to deal with the rough stuff can lead to deeper, longer friendships, and plenty of personal growth.

I do have a question for you: I am curious what sort of relationships you saw growing up, and what your own relationship experiences have been.  

Intimate relationships aren’t for everyone, and you get to decide what is right for you. But if your negative view of relationships is influenced by having witnessed or experienced intrusive or just plain awful relationships, maybe you want to do some work (therapy, for example) to heal from this stuff, rather than letting your past limit your future. A healthy relationship means being part of a couple while also remaining a vibrant individual, not being stifled, bored, and losing your independence.  

(Michael Radkowsky, Psy.D. is a licensed psychologist who works with couples and individuals in D.C., Maryland, Virginia, and New York. He can be found online at michaelradkowsky.com. All identifying information has been changed for reasons of confidentiality. Have a question? Send it to [email protected].)

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Autos

Wagons ho! High-class, head-turning haulers

Automakers still offer a few good traditional station wagons

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2026 Volvo V60 Cross Country

As a teenager, one of the first cars I drove — and fell in love with — was our family’s hulking full-size wagon. It stretched over 19 feet in length and weighed a whopping 5,300 pounds. That’s three feet longer and 1,000 heavier than, say, a Ford Explorer today. 

But this Leviathan felt safe and practical, especially when tootling around town with my crew or traveling solo cross-country. Of course, this hauler was also an eco-disaster. 

Luckily, that’s not the case today. And even though the number of traditional station wagons keeps shrinking, automakers are still offering a few gems.    

VOLVO V60 CROSS COUNTRY

$54,000

MPG: 23 city/31 highway

0 to 60 mph: 6.6 seconds

Cargo space: 51 cu. ft. (rear seats folded)

PROS: Elegant design. Composed handling. Top safety features.

CONS: So-so power. Modest rear legroom. Only two trim levels.    

The 2026 Volvo V60 Cross Country doesn’t cry for attention — and that’s the point. This is the automotive equivalent of Kristen Stewart, a celebrity who’s confident in her own skin and sees no need to post about it. 

Under the hood, there’s a four-cylinder turbo engine paired with a mild-hybrid system, producing 247 horsepower. You won’t outrun other drivers, but there is a sense of calm authority when accelerating. The standard all-wheel drive and 8.1 inches of ground clearance mean this wagon is ready for dirt roads, bad weather or a spontaneous weekend jaunt. 

And inside? Scandinavian minimalism at its finest. Clean lines. Gorgeous materials. Google-based infotainment that mostly works — though occasionally the system could be a bit faster, at least for my taste. The ride is smooth, composed and quiet, even if acceleration feels more “measured sip” than “espresso shot.” 

But here’s the twist: After more than a decade, this is the final Volvo wagon in the U.S. Its farewell tour ends in 2026. That alone gives it collector-car status.

MERCEDES-AMG E53 WAGON

$95,000

MPG: 21 city/25 highway

0 to 60 mph: 3.4 seconds

Cargo space: 64.6 cu. ft. (rear seats folded)

PROS: Supercar vibe. Hybrid versatility. Stunning interior.

CONS: Some fussy controls. Can feel heavy when cornering.    

If the Volvo V60 Cross Country is subtle, the 2026 Mercedes-AMG E53 Wagon is a screamer. It’s like being at a Lil Nas X concert: flashy, high energy, and full of shock and awe.  

This performance wagon — a plug-in hybrid, no less — pushes well over 500 horsepower (and in some configurations over 600 horsepower), launching from 0 to 60 mph as fast as a $300,000 Aston Martin supercar.

Yes, deep down, this is still a wagon. But you also can do a Costco run in something that could embarrass sports cars at a stoplight. That duality is delicious.

Inside, Mercedes leans all the way in. The high-tech Superscreen setup stretches across the dash. Ambient lighting glows like a curated art installation. The 4D surround-sound audio literally pulses through the seats. It’s immersive. Borderline excessive. And entirely the point.

Rear-axle steering helps mask the size of this car, but there’s no hiding the weight — it’s a big, powerful machine. Still, this hauler handles far better than physics suggests it should.

PORSCHE TAYCAN CROSS TURISMO

$121,000

Range: 265 miles

0 to 60 mph: 2.8 seconds

Cargo space: 41 cu. ft. (rear seats folded)

PROS: Lightning fast. Space-age design. EV smoothness.

CONS: Very pricey. Options add up quickly. Limited rear visibility.    

The Porsche Taycan Cross Turismo completely rewrites the wagon formula. Fully electric. Shockingly fast. Designed like it belongs in the Louvre.

Performance is instant. Depending on trim level, you’re looking at 0-to-60 mph in less than 3 seconds. No exuberant engine noise — just that smooth, purring EV surge.

Handling? Pure Porsche. Low center of gravity thanks to the battery-pack placement. Precision that makes winding roads feel like choreography. And then — hello — there’s also a Gravel Mode for light off-road use.

Inside, the style is restrained but high-tech. Digital displays dominate, including a 10.3-inch passenger side touchscreen. Yet the layout feels intentional rather than overwhelming. Build quality is exceptional. Options, including leather-free materials and an active-leveling system for hard cornering, are endless — and expensive.

Range varies by model. But as with any EV, your lifestyle (and charging access) matters. 

Overall, this is a wagon that looks and behaves like one helluva class act.

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