Zillow: ‘Gayborhood’ homes come at a premium

In most major cities in the United States, homes in gayborhoods are worth more than the typical home – in some cases several times more.

To identify gayborhoods across the country ahead of Pride Month, Zillow analyzed data from the American Community Survey to find which neighborhoods have the highest share of same-sex couple households compared with others in the areai.

The neighborhood with the highest share is North Banker’s Hill, San Diego, where 10.1 percent of households are same-sex couples. The North Banker’s Hill housing premium is about 25 percent – the typical North Banker’s Hill home is worth $792,400, compared with the citywide median value of $632,600.

West Palm Springs in California has the second-highest share of same-sex couple households at 9.2 percent, but homes there come with a much higher premium. Homes in West Palm Springs are worth more than three times as much as the typical home in the broader Riverside metro.

In fact, there are 10 major cities where home values in the gayborhood are more than double the community at large, including Houston, Charlotte and Philadelphia. That’s not to say home values are necessarily higher simply because it’s the gayborhood. Other factors could be driving the premium; gayborhoods are often close to amenities like bars, restaurants, and job centers.

There are a few places where gayborhoods buck this trend. In the downtown area of San Jose, Calif., homes are worth 38.1 percent less than the typical San Jose home. The area also has the smallest share of same-sex couples in the analysis at 1.1 percent. Gayborhoods in San Antonio and Kansas City have a similar discount on housing.

“The narrative of gayborhoods as a signal for rapid home value appreciation and gentrification has been around for decades, with Greenwich Village and the Castro long held up as examples,” said Zillow Director of Economic Research Skylar Olsen. “Today, the story is a little different. While these neighborhoods still foster a sense of community and social acceptance, living within them often comes at premium many may not be able to afford. This has a disproportionate effect on intersectional LGBTQ people —not just gay, but a person of color, transgender, a woman—those who are disadvantaged when it comes to earning potential.

Mike Wheatley

Mike Wheatley is the senior editor at Realty Biz News. Got a real estate related news article you wish to share, contact Mike at mike@realtybiznews.com.

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