Ellyce Fulmore Explores the Financial Burdens of Being Queer and Seeks Out Secure Educational Environments

Hidden Costs of Living for LGBTQ+ Individuals

Living as an LGBTQ+ individual comes with hidden costs that many may not be aware of. Ellyce Fulmore, a queer financial educator, knows this struggle all too well. While searching for a place to live with her girlfriend, they faced discrimination that made the process challenging.

"We experienced a lot of discrimination, not overtly, but in subtle ways that made us feel uncomfortable," Fulmore shared in an Instagram Live session with The Balance's editor-in-chief, Kristin Myers. "We believe we were turned down for multiple places simply because we were a same-sex couple."

Discrimination in Real Estate and Homeownership Rates

Discrimination in the real estate industry can make finding a home more challenging for LGBTQ+ individuals. Homeownership rates for LGBTQ+ individuals are lower compared to the general population, especially for Black, Indigenous, or people of color (BIPOC) within the LGBTQ+ community.

Fulmore's experiences led her and her girlfriend to move to a more LGBTQ+-friendly city, despite the higher cost of living compared to the suburbs.

Financial Literacy and Navigating Hidden Costs

Other hidden costs, such as shopping at more inclusive stores or businesses, can also impact the wallets of LGBTQ+ individuals. Fulmore recommends seeking financial literacy resources tailored to LGBTQ+ individuals to navigate these challenges.

Creating a budget or financial plan, starting to save money early, and examining money mindsets are crucial steps toward financial security, especially since many LGBTQ+ individuals may not have the support of generational wealth.

By understanding and addressing these hidden costs, LGBTQ+ individuals can better plan for their financial future and create a more secure path towards their financial goals.