Can LGBTQ+ Buyers Navigate Real Estate in a World of Economic and Political Upheaval?
In this reflective exploration of the housing market, the essay delves into the personal and societal ramifications of economic instability on homeownership. It interweaves personal anecdotes with broader socio-economic insights, highlighting the challenges faced by marginalized communities, particularly the LGBTQ+ population, in securing safe and affordable housing. The narrative examines the effects of political climates, economic downturns, and societal biases that influence the housing market, making it increasingly difficult for potential homebuyers to find stability.
Three main takeaways:
- Economic and Social Barriers in Homeownership
- The Influence of Political and Economic Instability on Housing Security
- Community and Personal Resilience as Tools for Navigating the Housing Market
Is securing a home in today’s volatile market a reflection of one’s resilience and community support, or is it an uphill battle against systemic barriers? This essay invites readers to explore the ongoing challenges and personal stories that define the quest for homeownership in an unpredictable world—what lessons will you uncover?
Where the dream of homeownership seems increasingly out of reach for many, a recent Buzzfeed article captured 25 critical issues that today’s homebuyers are grappling with, from the economic instability that continues to shadow markets to the political climates that directly affect the safety and health of marginalized communities…
This blog series aims to take a deep dive into each of these 25 Buzzfeed issues. We’ll explore every facet of the current market conditions. Each post in the series will tackle one specific concern, providing insights, expert analysis, and practical advice to help you navigate the complexities of buying a home in today’s economic environment.
Whether you are a first-time buyer, a seasoned investor, or simply curious about the state of real estate, this series will provide perspective to help you make informed decisions.
With some of these widespread concerns laid out, let’s dive directly into one of the Buzzfeeed voices:
“I watched my parents lose their house during the recession — not because they did anything wrong, but because the economy shifted, and suddenly their income wasn’t enough. I’m looking at how unstable the economy has been since and the direction it is moving in, and I don’t have faith that we won’t have another financial crisis between now and the end of a 30-year loan. I’m also watching politics, and I am not sure if anywhere is going to be safe. As a queer female, many states are changing laws and policies to be directly hostile to my safety and health. Places that are likely to remain safe are expensive, and the cost of living is steadily climbing. I am priced out of where I grew up, and where I can afford to live may not be safe in the long term.” —Anonymous, 36, Oklahoma
As a parent of two LGBTQ+ kids, this comment absolutely breaks my heart. And, just as a regular human being, pretty dang pissed to put it politely.
Unfortunately, I only have Wikipedia-level knowledge of the LGBTQ issues facing Oklahoma, but here in New Hampshire, I’m pretty familiar with what’s going on.
Current Legislative Challenges
During the current legislative session, over 30 bills have been proposed that negatively impact LGBTQ+ rights. Among these, Senate Bill 341 aims to require schools to disclose students’ gender identities to their parents. House Bill 619 seeks to limit the medical options available to transgender minors. Senate Bill 524 would prevent transgender youth from participating in sports teams that match their gender identity, while House Bill 396 proposes to forbid transgender individuals from using bathrooms corresponding to their gender identity. Senate Bill 562 wants to roll back key provisions of the 2018 law against discrimination that was updated to include transgender people.
Family Dynamics and Acceptance
When our oldest daughter swooped out of the closet, we kind of sort of knew. But, in that moment, I was not quite out the door of Christianity—and a lot of my evangelical friends were speaking out against the gays, as many fundamental Christians do. I asked for a meeting with my pastor to talk about how to handle my daughter’s gayness. He said to do what the Bible said to do: to love her; and the rest would come. Shortly after, the church leadership asked the pastor to stand down because of severe theological differences. I stepped fully out of Christianity then.
My daughter in many ways paved the way for my son. Except when he said, “Hey, Dad, I think I’m really a girl,” and the Christmas he showed up with a 40-plus PowerPoint slide presentation detailing facial reconstruction, top and bottom surgeries, and something called dilating, well I vomited a little inside my mouth. To be fair though, I nearly faint every time I get the flu shot.
So now we call him she, she’s taking estrogen, growing her boobs out, and we have a pronoun jar where we pay a dollar every time we use “he” instead of “she.” And um, holding several advanced degrees in English and writing, I keep reminding her that’s not how pronouns are used, but I say that just to aggravate her.
Community Support and Resources
We’ve been lucky. We were recommended to check out Seacoast Outright.
Seacoast Outright has been one of the few specialized resources available to LGBTQ+ youth in the Seacoast area. Established in 1993 by concerned parents and community members who met at a conference at UNH, this gathering sparked the foundation of the organization.
Seacoast Outright offers educational programs, hosts annual Pride events, and facilitates support groups for both youth and their parents. The organization’s primary mission is to provide a safe space where young individuals can freely explore issues related to gender and sexuality in a supportive and understanding environment.
The Seacoast Outright support groups meet a whole whopping twenty minutes from where we live, and some people drive three hours or more to attend. Outright gives my kid a place to hang out with other kids like her; they provide clothes which you would not necessarily think was that big of deal until you try and replace an entire wardrobe. Plus, my wife and I have other adults to speak with that have been through similar struggles—like how the heck do you break the news to your kid’s ultra-conservative Republican Trump-supporting Make America Great Again grandparents?
The Gays Are Everywhere
According to a July 2023 AP news piece, there are over 13 million LGBTQ+ individuals aged 13 and older, which includes about 300,000 young people and 1.3 million adults who identify as transgender, which is less than 1% of the total U.S. population. But you know what? The article says we don’t really have exact figures. And experientially, after ten years of teaching community college, after having at minimum one transgender student in each of my classes each semester that I knew about, after being involved with Outright, I personally suspect the number of LGBTQ+ individuals to be much higher than officially reported.
Global Crises
But look, the Arctic ice is vanishing, Australia burns, California’s wildfires return. Global temperatures hit record highs, fake news, social media trolls, deepfakes. The Syrian war, and Rohingya flee. U.S. border camps overflow, children detained. COVID-19 claims millions, healthcare systems buckle, economies stumble. NSA surveillance, personal freedoms out the door. Black Lives Matter protests, Hong Kong’s struggle, India’s farmer unrest. U.S.-China trade war intensifies. Venezuela collapses, North Korea tests missiles. Amazon deforestation, coral reefs bleaching, species extinction. Plastic fills the oceans. Epstein. Wealth gap skyrockets, billionaires’ fortunes soar, middle class erodes. Student debt crisis burdens millions, housing affordability. Gig economy workers, Amazon warehouse conditions criticized. Indonesian deforestation accelerates, Congo Basin exploited, Siberian tundra thaws. Superbugs resist antibiotics, malaria resurgence, mental health crisis escalates. Opioid epidemic ravages U.S. communities, anti-vaccination movements grow. School shootings. Russian dissidents poisoned, Turkish journalists jailed. Belarus protests suppressed, Philippine war on drugs kills thousands. South China Sea militarization, Iran nuclear tensions escalate, Israeli-Palestinian conflict worsens. Afghanistan turmoil post-withdrawal, Yemen’s humanitarian disaster, U.S.-Russia nuclear arms race rekindles.
Welcome back to the Cold War.
In this chaos of global, national, and state crises, my family’s experiences form a beacon of hope and also a reminder of the personal challenges that persist. The local high school’s embrace of my daughter with gender-neutral bathrooms and acceptance in sports, and the support from Outright, starkly contrast the harsh political landscape. Even my parents, who surprised me by accepting her transition more smoothly than expected, remind us that progress is not without its bumps—my mom, for example, yelled at me for using the singular “they” over the gendered “she.” These moments of personal victory and familial learning are what keep us grounded, proving that amid the world’s tumult, the strength we foster within our communities and our homes becomes our sanctuary.
Zombie Mortgages
You know, it really sucks your parents lost their house in the 2008 financial crisis. And, maybe you didn’t know, but all the way into 2024, we are still dealing with the consequences of 2008. People are still losing their homes.
During the housing boom, it was common for buyers to take out a second mortgage to cover the down payment of a home. This is essentially a secondary loan taken in addition to the primary mortgage. The second mortgage usually has less priority over the repayment terms compared to the first, meaning if a foreclosure happens, the primary mortgage gets paid off first from the sale proceeds.
In the wake of the financial crisis, many homeowners struggled with mortgage payments. Government programs and banks offered modifications to reduce the burden on borrowers, often adjusting the terms of the primary mortgage. However, the status of second mortgages during these modifications was not always clearly resolved or communicated. Some borrowers were led to believe these loans were forgiven or discharged.
These second mortgages can become “zombie mortgages” when they re-emerge years later. This can happen because the debt was never truly forgiven, merely uncollected, and dormant. As home prices increase, the equity in homes rises, making these once dormant loans financially attractive to pursue for collectors.
The revival of these loans is facilitated by an increase in home equity. Debt collectors buy these old debts at a discount and can potentially make significant profits by claiming the increased equity in the home. This practice reflects a secondary market for distressed debts, where the risk and potential returns are high.
For homeowners, the sudden demands to repay can seem like scams and can also lead to unexpected foreclosure.
The zombie mortgage situation underscores the need for clarity in financial agreements and vigilant consumer awareness about the long-term implications of debt management and real estate investments (NPR).
Long-Term Economic Impact and Real Estate Trends
Our current economic woes didn’t emerge overnight. They are the culmination of decades of policies and market trends. According to Scott Galloway, for the last two generations, people are making less money on an inflation-adjusted basis. Meanwhile, the costs associated with major life steps, like purchasing a home or pursuing higher education, have skyrocketed.
The 2008 financial crisis was not just a temporary setback but a transformational event that reshaped the economic landscape, setting the stage for a prolonged period of economic disadvantage. One of Galloway’s key points is the massive transfer of wealth from the young to the old. This isn’t just a matter of a few isolated policies but a systemic issue that has roots in how wages have not kept up with productivity. If minimum wage had kept pace with productivity, it would be around $23 per hour today. Instead, it remains significantly lower, reflecting broader trends of stagnant wages amid rising living costs.
The housing market has become particularly exclusionary. Galloway notes that pre-pandemic, the average mortgage payment was around $1,100, but it has since soared to $2,300, primarily due to rising interest rates and escalating home prices. The education sector mirrors this trend, with tuition rates increasing faster than inflation, making higher education less accessible at a time when education is more necessary than ever.
The consequences of such economic stratification are profound, contributing to a sense of despair and disillusionment.
We won’t have another financial crisis between now and the end of a 30-year loan, because we have not yet emerged from the last financial crisis.
Graph stolen from Scott Galloway’s Ted Talk
The green line is where you and I are on the above graph, barely a blip above zero. And the cost of living is not steadily increasing, it’s exponentially increasing. Grocery prices, for example, have risen 226% in the last 40 years (US Inflation Calculator) and home prices have risen 423% in the same 40 years (marketplace).
I would say, if you want to buy a house, in the face of all this chaos—both global and personal—it’s easy to feel powerless. Yet, it’s through our personal stories, like those of my family, that we find resilience. These stories of acceptance, adaptation, and support offer hope. We must remember that while we cannot control the global economy, political unrest, or natural disasters, we can influence our immediate surroundings. Let’s take action where we can: in our homes, in our communities. If you feel unsure about taking such a big step as buying a house, finding, and providing support within a community can be your stronghold, no matter the chaos outside.
