Since same-sex marriage was legalized six years ago, lesbian, gay, bisexual, transgender, and queer Americans have seen an acceleration of changes. This year, one of President Joe Biden‘s first executive orders was to ban discrimination against the LGBTQ+ community on the federal level—making it illegal to deny homes or mortgages to anyone based on their sexual orientation or gender identity.

The order could go a long way in helping more LGBTQ+ Americans to become homeowners. Members of the community had a far lower homeownership rate, at just 49%, than the general population, at 65%, according to a new report by Freddie Mac and the LGBTQ+ Real Estate Alliance, an organization of real estate professionals.

Transgender individuals had the lowest rate, at 25%, according to the Williams Institute at the University of California, Los Angeles, which was also cited in the report.

The lower homeownership rate stands in contrast to this group’s estimated $1 trillion purchasing power in the real estate market, according to the report, which used a combination of Freddie Mac and Alliance data collected from nearly 100 members. It also incorporated research from the National Association of Realtors®, the Human Rights Campaign, universities, and other organizations.

“It’s dismally low,” says Ryan Weyandt, CEO of the Alliance.

Weyandt says he believes this may partly be explained by the fact that members of the community tend to live in urban environments, where unusually high prices are more likely to hold residents back from buying.

But as many urban dwellers have fanned out from the cities into the suburbs and beyond during the pandemic, and more same-sex couples get married and have children, “We’re going to just naturally see growth,” he adds.

One of the main challenges for LGBTQ+ potential buyers is discrimination—and the fear of it, from real estate professionals, lenders, and even neighbors.

About 10.6% of Alliance members reported that a real estate professional had discriminated against them when they were renting or buying a home, according to the report. About 5.3% had had a landlord refuse to rent to them, while 5.2% had experienced a seller who discriminated against them.

Roughly 13.8% said they had signed legal forms, such as mortgages, purchase agreements, and title paperwork, that did not represent their life experience. People of color within the LGBTQ+ community are more likely to experience discrimination.

Less than a quarter, 23.4%, of members, did not report any discrimination.

“Bullying and discrimination is real,” says Weyandt. “There is a natural hesitancy from folks in our community who have experienced bullying to open themselves up to scrutiny from a lender, scrutiny from the real estate agent. Sometimes it’s easier just not to go through that process.”

This could explain why areas that are more LGBTQ+ friendly also have stronger real estate markets. Before same-sex marriage was legalized nationally in 2015, states that permitted the unions saw a 8% to 13% increase in the number of mortgage applications from same-sex couples. That’s likely because members of the community seek out communities that are more accepting.

The vast majority of LGBTQ+ Real Estate Alliance members surveyed, 89.3%, report that they feel that it is at least somewhat important to live in a gay-friendly community. Members of the community are likely to feel similarly.

About 19% of those recently surveyed said they chose where they would live out of fear of discrimination.

Transgender individuals are particularly at risk. About one in five were discriminated against when looking for a home, according to the National Center for Transgender Equality, via the Alliance/Freddie Mac report. More than 10% had been evicted because of their gender identity.

However, many members of the community are optimistic that the situation is improving.

“The Biden administration has done a lot for us the last several months,” says Weyandt. “We’re making progress.”

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