Homes In States With The Highest Share Of Same-Sex Couple Households Cost $116,000 More On Average
Homes In States With The Highest Share Of Same-Sex Couple Households Cost $116,000 More On Average
Abstract
Homes In States With The Highest Share Of Same-Sex Couple Households Cost $116,000 More On Average For some couples, a joint mortgage can allow partners to combine incomes and potentially get ... [ ] approved for larger loan amounts or lower rates. To commemorate the occasion, online loan marketplace LendingTree analyzed data from the U.S. Census Bureau's 2020 American Community Survey data to compare home prices in the states where households occupied by same-sex couples make up the largest and smallest share of couple-occupied households. While households occupied by same-sex couples make up a small portion of couple-occupied households in each state, median home values in the 10 states with the highest proportion of same-sex couple households are $116,730 more expensive, on average, than homes in the 10 states with the smallest proportion. "On the surface, this data paints a somewhat bleak picture for same-sex couples looking to buy a home, but there may be ways to cope with this," said Jacob Channel, senior economic analyst at LendingTree. Census Bureau research indicates same-sex couples tend to earn as much as - if not more than - opposite-sex couples. This could mean same-sex couples might still be able to keep up with their payments, even if they receive higher-cost loans." Key findings States where same-sex couples occupy the largest share of couple-occupied households 1: Vermont 2: Massachusetts 3: New Mexico States where same-sex couples occupy the smallest share of couple-occupied households 1: South Dakota 2: North Dakota 2: Idaho "Our study shows same-sex couples are more likely to live in states with higher home prices," said Channel. "Plus, there's research that indicates same-sex couples are more likely to have their mortgage applications denied or receive higher interest rates than opposite-sex couples." He added, "Not only may same-sex couples need to take out larger loans to afford homes in the states in which they're most likely to live, but they may also need to shell out considerably more money in interest due to higher rates - that's troubling." Channel said it's difficult to say just how reliable the data is, given there's relatively little research on the finances of same-sex couples. He explained, "It's possible the data that exists could be skewed, as not everyone in same-sex relationships feels comfortable identifying themselves as such, and that same-sex couples who earn higher incomes may feel more secure self-identifying than couples who earn less." "Owing to both a lack of data and potential sampling biases, the overall financial state of same-sex couples appears complicated," said Channel.