CNBC Mocked for ‘Embarrassing’ Claim Mortgage Rates Hitting LGBTQ Homebuyers ‘Especially Hard’

Condominium units are offered for sale in the Dorchester neighborhood, Wednesday, Aug. 18,
AP Photo/Charles Krupa
Joshua Klein

The rise in home costs has posed a challenge in purchasing homes for LGBTQ community members in particular, according to a recent CNBC real estate piece that drew ridicule for its misleading nature and “virtue signaling.”

The Sunday essay, titled “‘I can’t win in this market’: Why LGBTQ homebuyers say mortgage rates are hitting them especially hard,” and written by CNBC reporter Jesse Pound, begins by discussing “a gay man living in the Los Angeles area” named Skandar Mrad who seeks to become a homeowner. 

Though Mrad wishes to live within five miles of his job, he found “that may not be realistic in a hyper-competitive market.”

With the Federal Reserve hiking its benchmark interest rate and mortgage rates soaring, the situation has “led to rapid changes in what Mrad might have to pay.”

Though his frustrations are “shared by many prospective home buyers” across the United States, Pound writes, the rapid rise in home costs “is particularly impactful for the LGBTQ community, which is less likely to own a home,” and thus lack the economic boost from selling a property.

The article cites statistics claiming that fewer LGBTQ adults and couples own homes than others, though “[h]istorical data on home ownership rates by sexuality were not tracked by the Census Bureau.” 

According to Pound, discrimination, “whether during the sales process or well before, can also hold back LGBTQ people from becoming homeowners.” 

Another barrier the author highlights is that of LGBTQ homeowners gravitating to more expensive neighborhoods, citing one example of a gay 23-year-old music producer in Orlando searching for a home in the Los Angeles area. 

“Research from Zillow indicates that LGBTQ homeowners are more likely to live in urban areas than their cisgender peers, and that homes in areas that explicitly offer anti-discrimination protects can be $127,000 more expensive,” Pound writes.

In response, many took to Twitter to ridicule the piece.

“I must have missed the straight or gay box on my last mortgage…,” wrote radio host Dale Jackson.

“I am shocked that a 23 year old music producer from Orlando isn’t getting his dream home. Must be because he’s gay,” joked one Twitter user.

“LGBTQ families suffering most under Biden administration,” wrote conservative writer and commentator Chad Felix Greene.

“Garbage virtue signaling,” wrote one Twitter user.

“Q: Do you know who else mortgage rates are hitting hard? A: Everyone that is trying to purchase a home,” wrote another.

“This is a lie. Being gay, I was able to buy a house pretty easily. I just didn’t wait until inflation was high and the economy was in the shitter,” another user wrote.

“Its hitting everyone hard, and acting like only one group is getting the worst of it just builds resentment,” wrote yet another user..

“I went to Wells Fargo last week and asked for the LGBTQ mortgage rate and was shocked…when there wasn’t one,” wrote another Twitter user. “You’re not special. It sucks for all of us.”

“Leftist journalism is propaganda meant to stir the pot,” another user wrote.

“They’re called ‘first-time homebuyers.’ Being gay has nothing to do with it,” wrote one Twitter user. “Just stop it.”

“Guess who else is affected by higher interest rates?… everyone all first time home owners,” wrote another.

“FIFY Headline: ‘Gays who want to live in trendy urban areas find housing to be more expensive than average,’” another wrote.

“Yeah…because inflation and mortgage rates know your LGBTQ…really??” another user wrote. “This is a new low for journalism.”

“This is embarrassing,” one Twitter user wrote. 

The piece comes amid nationwide attempts at pandering to the LGBTQ+ community since the start of “Pride Month,” with the Biden administration, corporate media, and various organizations going full woke throughout the month.

Follow Joshua Klein on Twitter @JoshuaKlein.

COMMENTS

Please let us know if you're having issues with commenting.