Living
The LGBTQ generational wealth gap
Family rejection, inheritance exclusion contribute to problems

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.

Did you melt like the Wicked Witch of the West this week?
As summer temperatures rise, keeping your home or apartment cool during a heat wave can become both a comfort issue and a financial challenge. One of the most effective ways to keep a home cool is to prevent heat from entering in the first place. Sunlight streaming through windows can significantly raise indoor temperatures. Consider the following solutions:
• Close blinds or curtains during the hottest parts of the day. Blackout curtains or thermal drapes can reduce heat gain by up to 30%.
• Install reflective window films to block UV rays and reduce solar heat without sacrificing natural light.
• Use outdoor shading solutions such as awnings (yes, the ones you removed because they were “dated”) and shutters to limit direct sunlight.
Fans are a cost-effective way to circulate air and create a wind-chill effect that makes rooms feel cooler.
• Ceiling fans should rotate counterclockwise in the summer to push cool air down.
• Box fans or oscillating fans can be placed near windows to pull in cooler evening air or push hot air out.
• Create a cross-breeze by opening windows on opposite sides of your home and positioning fans to direct airflow through the space.
• For an extra cooling effect, place a bowl of ice or a frozen water bottle in front of a fan to circulate chilled air.
To optimize natural ventilation, open windows early in the morning or late in the evening when outdoor temperatures drop. This allows cooler air to flow in and helps ventilate heat that built up during the day.
Appliances and electronics generate a surprising amount of heat. To reduce indoor temperatures:
• Avoid using the oven or stove during the day; opt for no-cook meals, microwave cooking, or grilling outside.
• Run heat-producing appliances like dishwashers and clothes dryers in the early morning or late evening.
• Unplug electronics when not in use, as even standby power can add heat to your space.
• Switching to energy-efficient LED lightbulbs can also reduce ambient heat compared to incandescent lighting.
If you do use an air conditioner, maximize its effectiveness by:
• Setting it to a reasonable temperature—around 76–78°F when you’re home and higher when you’re away.
• Cleaning or replacing filters regularly to maintain airflow and efficiency.
• Sealing gaps around doors and windows to prevent cool air from escaping. (Didn’t we all have a parent who said, “Close the door. You’re letting all the cool out?”)
• Using a programmable thermostat to optimize cooling schedules and reduce energy use.
If it is not cost-prohibitive, adding insulation in attics and walls can greatly reduce heat transfer. Solar panels that reflect heat can also help, as well as offset the cost of their installation. Adding weatherstripping around doors and windows, sealing cracks, and using door sweeps can make a significant difference in keeping heat out and cool air in.
Natural and eco-conscious methods can also help cool your home.
• Snake plants, ferns, or rubber trees can improve air quality and slightly cool the air through transpiration.
• White or reflective roof paint can reduce roof temperatures significantly.
• Cooling mats or bedding can make sleeping more comfortable without cranking up the A/C.
For renters or those who can’t make permanent modifications, there are still plenty of ways to keep cool.
• Use portable fans and A/C units instead of built-in systems, making sure they are the correct size for your space.
• Removable window film or static cling tinting can reflect heat without violating your lease.
• Install tension rod curtains or temporary blackout panels instead of hardware-mounted window coverings.
• Add draft blockers and weatherstripping tape that can be applied and removed without damage.
• Cover floors with light-colored rugs to reflect heat rather than absorb it.
• If allowed, use temporary adhesive hooks to hang reflective materials or light-filtering fabrics over windows.
Even if your space is warm, you can still take steps to help your body stay cool.
• Wear light, breathable fabrics like cotton or linen.
• Stay hydrated and avoid caffeine or alcohol during peak heat hours.
• Take cool showers or use damp cloths on your neck and wrists to bring your body temperature down.
Keeping your home or apartment cool in the summer doesn’t have to be expensive or energy-intensive. With a few adjustments such as blocking sunlight, optimizing airflow, using fans effectively, and making renter-friendly upgrades, you can create a more comfortable indoor environment while keeping energy bills in check.
Valerie M. Blake is a licensed Associate Broker in D.C., Maryland, and Virginia with RLAH @properties. Call or text her at 202-246-8602, email her at DCHomeQuest.com, or follow her on Facebook at TheRealst8ofAffairs.
Real Estate
The world’s on fire and D.C. is on sale (sort of)
Prices are up, but then again, nothing makes sense anymore

ICE is disappearing people, revered government agencies are shuttering, and who knows if we’ll be in World War III next week? But can you believe prices in D.C. are actually still up 6.3% since last year? It doesn’t make sense, and perhaps that does make sense, because nothing seems to make any sense any more.
That said, there are some parts of our market that are truly suffering. The interest rates, which have been up, up, up for about four years now, are the ongoing rain on our market’s military parade. Combine that with 75,000 federal employees taking a buyout nationwide, and DOGE cuts eliminating around 40,000 federal jobs in the District (per estimates by the D.C. CFO), not to mention thousands of other job losses in non-governmental organizations due to funding and program cuts, and you’ve got a case of uncertainty, and downright unaffordability in the pool of otherwise would-be buyers.
This has had a marked impact on properties that starter-home buyers and low- to mid-level employees would otherwise buy, most notably condominium and cooperative apartment units. These properties have already slowed in our market thanks to the profound impact that higher interest rates have had on their monthly carrying costs—pair that with job insecurity, and a lot of condos are proving to be very difficult to sell indeed.
So how is the average sale price up in our market?
The increase is almost entirely due to the resounding strength of the single-family home market, especially in upper Northwest D.C., where it is still quite common to see bidding wars, even on properties pushing past the $3M mark. It seems that buyers in that echelon are less impacted by a few percentage points in the interest rate, and less concerned about their job security. Notably, those buyers are often married with children and have an absolute need for more space, must stay in the area due to one spouse’s job, or the kid’s friend group, regardless of whether the cost of owning is thousands of dollars more per month than it would have been in 2020 or 2021. The continued appreciation in these neighborhoods defies imagination.
So, what to do if you are not one of those lucky enough to be shopping for a $3M home? The short answer: wait. If you want more space, rent your current place out and learn the joys of being a landlord while someone else pays your mortgage. Need the equity from your current home to buy your next place? Get a home equity line of credit, or loan, and pull the equity out of your current place to buy the next one. Or—and I have never recommended this before in 21 years of being a Realtor—rent for a few years. Sure, I’d love to list and sell your condo so you can climb the real estate ladder, but it might just be a waste of time, money or both if you could just ride out this storm and sell in a DOGE-less future.
All this said, there are some condos that seem to be immune from this recent negative news. Anecdotally, it feels like it’s the truly special ones that do just fine no matter the market. Our recent listing in Capitol Hill had a view from every one of its 15 windows of the Supreme Court. Sold in five days with six offers. Another condo was on the top two floors of a townhouse and had the coolest black wood floors that gleamed like a grand piano. Sold in four days at full price.
So, all is not for naught if you have a condo or home in an area that people want to be in, with nice space, light, amenities and a certain je ne sais quois. And, as long as we have a democracy in a few years, my experience says our market will be back, stronger than ever, really soon.
David Bediz is a Realtor and mortgage loan broker for the Bediz Group LLC and Home Starts Here, LLC. Reach him at [email protected].

In this corner, there’s the Genesis QV70, newly updated and full of glitzy gizmos. And in the opposing corner, there’s the Lexus NX, a fan fave known for comfort and reliability.
Both are strong contenders. Both have proven to be equally adept at bobbing and weaving through traffic. And both can go toe to toe with pricier competitors.
And yet, what would happen when they sparred against each other? Here’s your ringside seat to find out.
GENESIS QV70

$50,000
MPG: 22 city/28 highway
0 to 60 mph: 5.9 seconds
Cargo space: 28.9 cu. ft.
PROS: Stylish. Good value. Lots of standard amenities.
CONS: So-so fuel economy. Quirky dash controls.
IN A NUTSHELL: When it comes to speed, the Genesis QV70 is faster on its feet than the Lexus NX. Neither of these crossover SUVs is a lightweight, but the QV70 offers more potent powerplants—including an all-electric version that zips from 0 to 60 mph in just 3.8 seconds. In other words, Porsche Macan S territory.
The two gas-powered options—a four-cylinder turbo and twin-turbo V6—also got my blood pumping. So did the velvetlike suspension mixed with deft handling and stop-on-a-dime braking. But this adrenaline rush comes at a cost: sacrificing fuel economy.
As for the automaker’s design philosophy—“athletic elegance”—it’s on full display here: an oversized grille inspired by the Genesis emblem, the dramatically arcing silhouette, and those distinct quad headlights and taillights. It’s not easy to stand out when 25% of all vehicles sold in the U.S. are compact crossovers, so kudos to the QV70 for being such a head-turner.
The mod-yet-minimalist styling carries over to the cabin, with its high-quality materials: real-wood accents, soft-touch plastics and a tasteful glass shift knob. New this year is a sweeping 27-inch dashboard monitor, which houses the gauge cluster and infotainment touchscreen. Alas, this display is positioned a bit far from the driver (though I must admit reaching for it did help stretch a few tight back muscles).
Instead of being a costly extra, this gigantic monitor comes standard. So do synthetic leathers seats, nine-speaker stereo, smartphone/wireless connectivity, hands-free liftgate, tons of safety gear and more. Options include a panoramic sunroof, three-zone climate control, 16-speaker Bang & Olufsen audio, synthetic suede headliner, sound-reducing rear windows, automated parking and other goodies.
What’s the score so far? Despite some minor quibbles, the Genesis QV70 is a worthy challenger that pulls no punches.
LEXUS NX

$43,000
MPG: 26 city/33 highway
0 to 60 mph: 8.2 seconds
Cargo space: 22.7 cu. ft.
PROS: Fuel efficient. Comfy seats. Rock-solid reliability.
CONS: Pokey base model. Limited rear storage.
IN A NUTSHELL: Sure, the Lexus NX isn’t as speedy as the Genesis QV70. But, as with the tortoise and the hare, sometimes slow and steady wins the race. And really, it’s only the entry-level NX that feels sluggish, such as when trying to quickly merge into freeway traffic.
Other trim levels, including two hybrid options, are just fine. And no matter the engine choice, the counterpunch here is that these vehicles get better gas mileage: 20% higher fuel economy than in either the four-cylinder or V6 in the Genesis. The two NX hybrids are even more green, with the high-end plug-in version able to travel up to 37 miles on electric power alone. One downside: There is no all-electric NX—well, at least not yet.
As with parent-company Toyota, Lexus offers stellar vehicle reliability—often ranked No. 1 in dependability and crash-test surveys year after year. Lexus vehicles generally hold their value better than Genesis, because this newer brand has a shorter history. Lexus also has a larger dealer network, though the number of Genesis dealerships is growing.
But when it comes to cargo space, the NX is about two inches shorter and narrower than the QV70, which has more stowage area. And Genesis handling is sportier, though the Lexus feels sure and well-grounded.
Luxe interior amenities are basically the same in both vehicles. But interior styling in the QV70 is trendy, while the NX is more understated. In other words, a choice between sassy and classy.
This is a very competitive vehicle segment, with Euro models like the Audi Q5, BMW X3 and Mercedes GLC also duking it out in what seems like a clash of the titans.
But as for the Genesis QX70 or Lexus NX, which is the winner? For me, both are real knockouts—so I’d call it a draw.
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