Will never explicitly states his sexual preference, and the homophobic bullying he receives for being 'sensitive' or 'different' is not treated with much scrutiny in season one. 'He's a sensitive kid.Lonnie used to say he was queer, called him a fag.' As far as we're aware, this is the only time Will's sexuality is discussed on the show. In the first episode after Will disappears (abducted into the Upside Down), Will's mum Joyce reports he is missing to Police Chief Hopper and she mentions that Will has been bullied at school.
Mike's comment might seem random but the rumours about Will's sexuality actually started in season one. Will byers gay ass: /u4EkBEObdD- aims the wise July 4, 2019