Although "homosexual" is a very common translation, it is almost certain to be inaccurate:
bullet If Paul wanted to refer to homosexual behavior, he would have used the word "paiderasste." That was the standard Greek term at the time for sexual behavior between males.
bullet The second term is "arsenokoitai" in Greek. The exact meaning of this word is lost. It seems to have been a term created by Paul for this verse. "Arsen" means "man" in Greek. So there is no way that "arsenokoitai" could refer to both male and female homosexuals. It seems that the English translators gave in to the temptation to widen Paul's condemnation to include lesbians as well as gay males.
Unfortunately, the term "homosexual" is commonly defined in two different ways: as a behavior (engaging in same-sex activity) or as a sexual orientation (being sexually attracted only to members of the same sex). Most of the biblical translations appear to refer to behavior rather than orientation.
bullet male prostitutes, also described as "men kept for unnatural purposes." The term "male prostitutes" (NIV, NRSV, CSB, NLT) can be interpreted in modern times as men who are paid to have sex with men only or with women only or with men or women. Again, the original Greek appears to refer only to male-male contact.
bullet catamites, or boy prostitute. This is a young male -- often a slave -- who is kept as a sexual partner of an adult male. (Jerusalem Bible, NAB, James Moffatt). These translations provide another example of a theme that runs throughout the Bible: the transfer of guilt and punishment from guilty perpetrators to innocent persons.
bullet pederasts: male adults who sexually abuse boys; an abusive pedophile (an adult who molests young children) or abusive hebephile (an adult who molests post-pubertal teenagers).
bullet perverts: a person engaged in some undefined activity that is one of the dozens of sexual activities that some consider to be perversions. (Phillips, The Great Book: The New Testament in Plain English)
bullet sodomites: This used to refer to inhabitants of the city of Sodom which is described in Genesis 19. It is now used as a "snarl" word to refer to men who have sex with men. InGenesis 19, the men of the city appear to want to anally rape some male angels who were visitors to Sodom. Many Christians interpret this as a blanket condemnation of all homosexual behavior, whether rape or consensual; whether a one-night stand or within a committed relationship; whether manipulative or mutually agreeable; whether by two men or two women. (NRSV, NKJ, NAB).
bullet other terms:
bullet The Message refers to "Those who ... use and abuse sex," which is probably the broadest translation ever, and would include a very large percentage of the human population.
bullet BBE translates it as "or is less than a man, or makes a wrong use of men."