Financial
Protecting your financial health
Insurance, savings can help you survive tough times
In part one of this series, I outlined the three basic layers of a sound financial plan – Protection, Accumulation, and Preservation/Distribution. In this article, I’ll discuss in more detail the elements of the Protection stage. There are five general areas that can require implementation of Protection strategies.
• Dealing With Unknown or Unexpected Shorter-Term Events. An important Protection strategy involves preparing financially for emergency situations, such as an unexpected job loss, an unforeseen large expense or the need for immediate income to cover expenses while waiting for proceeds from an insurance policy. A good rule of thumb for this strategy is that a household should have 3-6 months of expenses as a reserve for emergencies. If you live alone, are solely responsible for financially supporting your family, or have an inconsistent income or more tenuous job situation, however, it may be wise to have a reserve closer to six months’ worth of your expenses.
• Health-Related Expenses. These can come in the form of typical, run-of-the-mill medical expenses or costs incurred due to an extended illness or injury that not only requires medical assistance, but also impacts your ability to perform regular daily activities such as bathing or dressing. You can protect against the day-to-day medical costs with health insurance, which many individuals are able to obtain through their employment. Remember to be prepared to cover the out-of-pocket expenses. Long-term care insurance, on the other hand, can help protect against the latter type of expenses – those incurred when you need assistance with activities of daily living.
• Unexpected Death in the Family. What happens if your loved ones rely on your income to pay living expenses, save for retirement and/or pay off debt and you are not around to provide that income? Your family would likely have to dramatically adjust lifestyle and change long-term financial goals. Life insurance, however, can at least enable them to weather the financial storm brought on by your death. Life insurance is not a one-size fits all type of product. You need to consider your current assets, savings rate, income and income sources, expenses and family dynamics.
It also is important to have wills and accompanying legal documents in place. Consulting an estate planning attorney can be helpful here to help you set up or review your wills, advanced directives and medical and financial powers of attorney, amongst others. This is vitally important in the LGBT community where some of the legal protections afforded to married heterosexual couples do not exist.
• Disability or Extended Illness. A long-term disability or illness can be crippling financially. Indeed, losing your income in such a situation can force you to spend down any accumulated assets and possibly even incur additional debt merely so you can cover your expenses. Some employers provide disability insurance or the opportunity to purchase such insurance. When analyzing this coverage, you should consider how the insurance defines what is a covered “disability” as this can affect substantially how well-protected you are. Additionally, you need to consider the insurance’s elimination period (the amount of time after you are disabled before the insurance begins paying out), benefit period (the amount of time the insurance will continue to pay), the amount of coverage and whether the insurance provides inflation protection and/or the ability to increase your coverage as your income grows.
• Unexpected Property Losses and/or Liability Protection. Finally, to build a sound foundation to your financial plan, you also need to ensure you are adequately protected against substantial property losses and/or liability claims. To some extent, much of this protection is mandated by others. For example, if you own your home and have a mortgage, the bank likely requires you to maintain certain minimum levels of homeowner’s insurance.
Now that we’ve taken care of the Protection strategies, next time, I’ll jump into the fun stuff – how to work toward accumulating and building wealth.
(This material is for informational purposes only and is not intended to act as specific advice. Please talk to a financial professional prior to investing and a tax adviser for tax advice.)
Real Estate
Factors to consider when hiring an interior designer
It’s essential to have confidence in the professionals you engage
(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.
Real Estate
The LGBTQ real estate map is being redrawn
Affordability, higher mortgage rates reshaping where we choose to call home
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.
One of the biggest headaches of the new home process is the actual moving part. By the time someone is buying a home, most people are beyond the “I just need a pickup truck, a pizza and a case of beer for my friends.”
If that is still someone’s preferred way to move, that’s great. However, many people find they need a much more robust plan. It can also trigger a lot of feelings about items one owns, what to do with them, do they have too much, should I keep this memento that I never use? Etc.
Moving is a chance for a person to “clean house” literally, figuratively, spiritually and energetically. A person can figure out which items they want to keep, and which need to go. As someone who recently moved across the country, I can speak to this experience. It’s also time for what people call “the fresh start effect.” This phenomenon, according to psychologists, can happen in little moments (like the start of a new work week) and bigger moments (such as moving from one home to the next).
The fresh start effect offers these benefits often mentioned by psychologists:
- Mental Accounting: Dates act as chapter breaks, letting you put past failures into a previous period.
- Psychological Distance: You separate your flawed past self from your aspirational future self (“That was the old me”).
- Optimism Boost: New beginnings clear mental clutter and increase your sense of agency and control
Does this mean that “the new you” will be the perfect version you envisioned? Probably not. We are humans. But it might mean you get a chance to “leave some of the old you behind” within the walls you used to live in, and now have a chance to have a new layout, a new décor, a new color pattern, new wallpaper, donate old furniture and books or magazines, throw out clothes you no longer use or fit in, and enjoy the opportunity to literally use the, “Does this spark joy?” method that was made so popular by Marie Kondo in her Netflix series.
So, for all its hassle and headache, moving is a chance to shake off the “old you” and try on the new you, to incorporate the items you would like to keep and use more of, and shed the items, habits, and ways of thinking that you feel no longer serve you.
I can speak to the experiences that several of my clients had when they moved from a previous residence to a newer one. It usually coincided with a change in relationship status, a change in employment, a change in family size, but sometimes it just seemed to correlate to a new attitude and perspective that the client was really hoping for.
I have literally had clients come to me after the fact, in tears, that they were so happy they made the decision to move out of a situation that no longer served them, and move into one that felt like a much better fit.
Change can be annoying and overwhelming at times, but usually most people come out the other side, not wanting to return to the way they were before.
Joseph Hudson is a referral agent with RLAH. Reach him at 703-587-0597 or [email protected].
