If you lived in San Francisco’s Castro District in the ’80s, you witnessed a monumental period in the gay rights movement. You also witnessed the start of a real estate trend — what “Zillow Talk: The New Rules of Real Estate” calls The Gayborhood Phenomenon.
“Over the past forty years, home prices in historically gay neighborhoods have steadily outperformed average prices for the metros in which they’re located,” write Zillow CEO Spencer Rascoff and Chief Economist Stan Humphries.
To see where The Gayborhood Phenomenon is happening today, Zillow looked at neighborhoods with the largest share of gay couples, according to the U.S. Census Bureau’s American Community Survey data. Corona Heights, which is often considered part of The Castro District, tops the list. Gay couples live in 44.5 percent of households in this ‘hood, where the median home value is $1.4 million, as compared with $738,200 in the San Francisco metro. In Poinsettia Heights, which has 28 percent gay partner households, the median home value is $326,700, compared with $214,400 in the Miami-Fort Lauderdale metro.
Of course, the phenomenon isn’t universally applicable — some gayborhoods lag behind metro home values. But, as noted by Rascoff and Humphries in their book, the data sends a clear message: “Many gay communities across the country are no longer marginalized and undervalued. … They’re coveted.”
In celebration of Gay Pride Month, check out neighborhoods where a quarter or more of the couples are LGBT:
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from Zillow Blog - Real Estate Market Stats, Celebrity Real Estate, and Zillow News http://feedproxy.google.com/~r/ZillowBlog/~3/7FRQ3hCJczo/
via Reveeo
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