Categories: US Real Estate

Home Ownership Is “All About the Status” It Brings

Seventy-eight percent of some of America’s largest ethnic groups consider home ownership the biggest indicator of status, according to a newly released Better Homes and Gardens Real Estate survey of 400 Caucasians, 400 African Americans, and 400 Hispanic Americans aged 18 and older.

photo credit: chuckp via photopin cc

RISMedia reports that the majority of the ethnic groups surveyed say that home ownership is a wise long-term investment. According to the survey, Hispanics are the ethnic group that is most planning ahead for home ownership and even prioritizing it over retirement. Fifty-two percent of Hispanics surveyed who do not currently own a home say they are focused on saving for a down payment, while 46 percent of African Americans and 44 percent of Caucasians put themselves in that category.

Hispanics have become the fastest-growing group of first-time home buyers:

“America has a proud heritage of diversity, and the notion that our client base will continue to change and evolve should be apparent to everyone in the real estate industry,” says Sherry Chris, president and CEO of Better Homes and Gardens Real Estate LLC.

“It’s important that we understand all that we can about our customers to best serve them and that includes understanding them not only from a cultural standpoint, but with regard to their individual values, aspirations, and needs.”

The survey found that the three ethnic groups prefer homes in the suburbs. Fifty-nine percent of African Americans, 55 percent of Caucasians, and 50 percent of Hispanic Americans say their ideal home would be located in the suburbs.

Multiple generations sharing a roof is more common among all three ethnicities too. Sixty-three percent of Hispanics, 59 percent of African Americans, and 43 percent of Caucasians say they likely will have their parents, grandparents, or other extended family members living with them eventually. As such, many of these home buyers say they are looking for homes that could accommodate extra family members with separate “in-law suites.

Mike Wheatley

Mike Wheatley is the senior editor at Realty Biz News. Got a real estate related news article you wish to share, contact Mike at mike@realtybiznews.com.

Recent Posts

Sam Mizrahi: A Great City Needs a Dynamic, Graceful and Inspiring Center

As an admirer of architecture, Canadian developer Sam Mizrahi knows that the great cities of…

8 hours ago

8 Risk Factors to Consider Before Investing in Real Estate

It is said that with great risk comes great reward. All sorts of investments come…

15 hours ago

First National Realty Partners: Invest or Avoid?

Accredited investors have many different options to choose from once they decide to invest in…

18 hours ago

Google AdSense – How to Use It on Your Real Estate Blog

Your real estate blog is one of the greatest marketing tools you have at your…

2 days ago

A Look at Top St. Louis Agents

With tougher times ahead in the industry, here's a candid look at a few St.…

2 days ago

5 Tips for a Successful Home Renovation

If you’re in the process of planning a home renovation, you're likely feeling both excited…

2 days ago