March 17th, 2014
A recent study by the National Association of Home Builders shows that there are varying trends among homebuyers of different ethnicities. The What Homebuyers Really Want: Ethnic Preferences survey – a subset of a wider study focusing on all homebuyer preferences – found that ethnicity has some influence on what consumers focus on when purchasing a new home.
“The new data reveals some interesting findings about homebuying preferences broken down by race and ethnicity,” said NAHB Chairman Kevin Kelly.
For instance, minority buyers are typically younger than their white, non-Hispanic counterparts. Asian homebuyers had a median age of 36, while Hispanic and African-American buyers had median ages of 37 and 39, respectively. However, the median age for white buyers was 43. In addition to the lowest median age, Asian homebuyers had the highest median household income among the four groups, at $72,797. Whites followed with $67,747, trailed by Hispanics and African-Americans, at $50,221 and $43,774, respectively.
For all of the groups, more than 50 percent of homebuyers were married couples: