What’s the profile of the average homebuyer? Age and income factor into that, of course, but so does the buyer’s racial or ethnic background, according to a recent study from the National Association of Home Builders.
The study, “What Buyers Really Want: Ethnic Preference,” compares and contrasts how housing preferences are affected by the racial or ethnic background of the homebuyer, after controlling for factors like age and income.
The survey data showed significant differences across various groups of homebuyers.
Among the findings:
• Minority homebuyers typically are younger than white, non-Hispanic buyers, where the median is 43 years old. The median African-American buyer is 39; the Hispanic buyer is 37, the Asian buyer is about 36.
• At least half of buyers in all racial/ethnic groups are married — 80 percent of white, non-Hispanic buyers; 50 percent of African-American buyers; 74 percent of Hispanic buyers; and 79 percent of Asian buyers. Most also have children living at home
• Asian homebuyers have the highest median household income of the four groups, at $72,797. The median household income is $67,747 for non-Hispanic whites, $50,221 for Hispanics and $43,774 for African-Americans. Likewise, Asian homebuyers expect to pay more for their homes, at $283,469, compared with $205,775 among non-Hispanic whites, $181,444 among Hispanics, and $176,397 among African-Americans.
The study, available as an eBook from the NAHB, provides a window into the preferences of potential homebuyers and allows builders to tailor projects to better meet the needs of customers, NAHB Chairman Kevin Kelly, a developer in Wilmington, Del., said in a statement.
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