Is the “Wealthy Gay Myth True?”

Pop culture loves to portray the gay community as fabulous and rich – hence the widespread concept of the “wealthy gay” community. Have you ever wondered how fact-based this stereotype is? How much truth is there to the idea that being gay equates to being wealthy?

In the 2019 Census, gay male married couples had slightly hire median household incomes that opposite-sex married couples. Yet lesbian couples earned less than opposite-sex married couples and were more likely to experience poverty. These statistics also changed when children and elders lived in the household. These census statistics do no reflect households with a transgender partner.

This widespread myth casting a monolithic image over an incredibly diverse community. Now, you may ask, why is this important? For one, understanding the economic reality of different members within the LGBTQ+ community has implications for shaping policies and providing adequate support. Secondly, this myth creates a culture of overspending among the queer community to try to fit the image and be “enough.”

In this article from the San Francisco AIDS Foundation, Jenni discusses how this myth’s portrayals affect us, why the LGBT community has increased financial stress, and what we can do about it.