Gay marriage ruling could boost the housing market
Posted on Monday, June 29, 2015 at 9:05:51 PM
The Supreme Court ruling federally legalizing gay marriage may end up having a positive effect on home demand in the U.S.
In a survey conducted by the National Association of Gay and Lesbian Real Estate Professionals, published in May, 81 percent of respondents noted that if gay marriage were legalized they'd feel "more fiscally protected and confident." This sort of financial security is seen as a key figure in driving potential homebuyers to pursue a mortgage.
Sherry Chris, CEO of Better Homes and Gardens Real Estate, called the lesbian, gay, bisexual and transgender community "a powerful market segment that represents an estimated buying power of $840 billion," according to National Mortgage News.
Right now homeownership lags behind among LGBT couples, and a lack of fiscal confidence could be why. With these couples likely to feel more financially secure, and also probably preparing to get married, chances are they will begin looking at residential financing options soon. Marriage is seen as an important precursor to homeownership, since it often leads to a family and the need for more space.
This month's historic marriage ruling could very well beef up demand for homes, a good sign for the housing market.