Study finds more similarities between Caucasians, Hispanics and African Americans than differences when it comes to real estate
Hispanic buyers are more optimistic, want bigger homes, and prefer city living when compared to Caucasians and African Americans, according to a recent survey by Better Home and Gardens Real Estate.
The survey found that all three ethnic groups are far more alike than different when it comes to many real estate perceptions and behaviors.
“We recognize America as a melting pot for varied ethnic groups,” says Summer Greene, regional manager at Better Homes and Gardens Real Estate Florida 1st. “We wanted to understand what the core values are in each population segment so we know how best we can serve them.”
Marisa Calderon, chief of staff and executive deputy director at the National Association of Hispanic Real Estate Professionals, says the results are consistent with her organization’s findings.
‘The Hispanic population is very aspirational and the goal of homeownership is the engine of wealth creation that propels people forward,” she says.
Other key findings of the survey are:
• Optimistic about future: Seventy-eight percent of Hispanic respondents said their children or grandchildren would buy a house before the age they, compared to 74 percent of African Americans and 56 percent of Caucasians.
• The ultimate American Dream: Seventy-eight percent of Hispanics and African Americans believe homeownership is a status indicator, as opposed to 65 percent of Caucasians. For Hispanics, home buying is more of a priority than retirement saving. Of those surveyed, 52 percent of Hispanics who currently rent say they are focused on saving for a down payment as compared to 46 percent of African Americans and 44 percent of Caucasians of the same cohort.
• City life or suburbs? Hispanics are more likely to opt for city living. Among those surveyed, 59 percent of African Americans and 55 percent of Caucasians said they prefer suburban living. Hispanic Americans were split in the middle with 50 percent opting for city life.
Need a bigger house: Sixty-three percent of Hispanics said they will need a bigger house because they would likely have parents, grandparents or extended family live with the. – Madhusmita Bora