A new report from real estate site Zillow says that homes in Tampa Bay’s “gayborhoods” are worth considerably more than the area’s median value. The report used data from the American Community Survey in order to determine which neighborhoods have the highest share of same-sex couple households, and then compared those values to neighboring areas.
Tampa Bay’s LGBTQ-friendly neighborhoods, like Kenwood and Seminole Heights, are already witnessing rapid price increases, but the report specifically identifies Gulfport in Pinellas County as their primary “gayborhood,” stating that homes in the beachfront town are worth an average of $236,700, compared to the nearby average of $214,300.
This 10.5% difference could also be because most of the homes in Gulfport are within a quick golf cart ride to the beach. But true to the “gayborhood” stereotype, the town does have plenty of nearby bars and restaurants.
The report also points out that like any type of gentrification, “gayborhoods” can often have a negative effect on disadvantaged populations.
“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 in the report. “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.”
Of course, it’s also worth considering the fact that Zillow just recently announced that Tampa Bay’s housing market has officially “peaked,” so maybe just wait a little longer before pulling the trigger on that "gayborhood" beach bungalow.
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This article appears in May 23-30, 2019.