Fact: Not only do gay people tend to earn more than the average American, gay people are also more likely to be employed, and are in better financial health than most everyone else in the country. This is according to yet another new study about the state of the so-called “gay dollar.”
“We explored the financial landscape for LGBT Americans to better understand the financial challenges and concerns of the community as a whole, as well as same-sex couples and LGBT parents,” says Charles Lowrey, COO of Prudential’s U.S. Businesses. “While we found the LGBT community to be largely optimistic about the future, like most Americans the community was affected by the recession and is very concerned about being able to retire.”
The study found that the LGBT community is in relatively good financial health with a median household income of $61,500 (compared to the median U.S. household income of $50,000). Although gay men report earning more than lesbians individually ($49,000 compared to $43,500 of median personal income), when it comes to household income, lesbians, who are more likely to live in dual-income households, actually have higher household income ($63,700 compared to $62,300). While the combined household income of gay male couples is the highest overall at $103,000, these couples constitute a minority (19 percent) of the LGBT community.