Home prices on the rise in LGBT communities
Marcus Miceli and his partner David bought their Palm Springs home three years ago.
“Palm Springs has always been a destination for the gay community nationally and internationally,” said Miceli. “When we bought this house it was a foreclosure property. It was ridiculously inexpensive.”
Miceli, a broker for Air Properties said that’s changed and prices have sky rocketed, especially in gay populated areas. Real Estate listings site Trulia looked at the top 10 zip codes across the country with the highest proportion of same-sex male couples.
The steepest price increase on the list was the Palm Springs 92262 zip code. The median cost per-square-foot is $260 compared to $158 per-square-foot in 2012, that’s a 60 plus percent increase.
San Francisco had the second highest price spike.
“It means supply is not meeting demand. Prices have sky rocketed like they have. There’s a huge demand particularly in the gay community,” said Miceli.
Real estate information service CoreLogic said the median price for a Riverside County home rose five percent from $295,000 last year to $310,000 this year, while the number of homes sold edged up nearly 10 percent.
“Prices have certainly increased dramatically in the last three years, but still if you live in San Francisco or Los Angeles it’s still super affordable here,” said Miceli.
