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Hard to Start a Home: Banks Discriminate Against LGBTs Applying for Mortgages, Charge Higher Rates
A new LGBT mortgage study has shown that banks discriminate against queer people applying for mortgages. Lenders are significantly more likely to deny same-sex couples a home loan, and to charge them more for it. Home ownership is of course a leading wealth creation tool for Americans. Gay couples were 73% more likely to be denied a mortgage than heterosexual couples with the same financial worthiness, as evident in nearly three decades of national data. LGBT people face the economic costs of homophobia:user-created-content
- Poverty: 32% of LGBTQ people have incomes less than $24,000. By comparison, 24% of non-LGBTQ people have incomes of less than $24,000. 15% of transgender people have incomes less than $10,000, compared to 4% of the general population living at that income level.
- Unemployment: LGBTQ people, especially trans people, are at high risk for unemployment. 44% of transgender people are unemployed or under-employed.
What do you think of these results of the LGBT mortgage study?
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