According to the National Association of Home Builders’ (NAHB) new report, “What Home Buyers Really Want: Ethnic Preferences,” housing preferences vary by a homebuyer’s racial or ethnic background, after controlling factors such as age and income.
NAHB Chairman Kevin Kelly, a homebuilder and developer, said, “The new data reveals some interesting findings about homebuying preferences broken down by race and ethnicity. It contains invaluable information for builders by providing a window into the preferences of potential homebuyers, and allowing them to tailor things to better meet the needs of their customers.”
Minority buyers are typically younger
The NAHB reports that minority homebuyers are typically younger than white non-Hispanic buyers. The median African-American buyer is 39, the Hispanic buyer is 37 and the Asian buyer is about 36, while the median Caucasian buyer is 43 years old.
More than half of all buyers in all racial/ethnic groups are married couples: 80 percent of Caucasian buyers, 50 percent of African-Americans, 74 percent of Hispanics and 79 percent of Asians. Most also have children living at home.
The study reveals that Asian homebuyers have the highest median household income of all four groups, $72,797, compared with $67,747 for Caucasians, $50,221 for Hispanics and $43,774 for African-Americans. Asians also expect to pay the most for their home: $283,469, compared with $205,775 among Caucasians, $181,444 among Hispanics and $176,397 among African-Americans.
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