Better Homes and Gardens Real Estate Survey Reveals That Ethnic Groups in America Hold High Hopes for Next Generation of Homeowners
Americans Have Similar Desires, but Differ in Consideration of Family Ties When Home Buying
MADISON, NJ - (Marketwired - Jun 4, 2013) - As a melting pot, America is shaped by the beliefs, customs and cultures of its diverse population. To that end, do individuals from different backgrounds hold the same vision and attitude when it comes to setting forth and achieving the American Dream of homeownership? Better Homes and Gardens® Real Estate set out to find the answer to that question, and today, released national survey findings from the three largest population groups within the U.S., with an equal distribution among 400 Caucasians, 400 African Americans and 400 Hispanic Americans ages 18 and older. The Better Homes and Gardens Real Estate survey results indicate that Americans from these three ethnic groups are far more alike than different when it comes to many perceptions and behaviors surrounding the home buying process. However, when it comes to considering family ties and origins when buying a home, there are key differences among these ethnicities.
"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," said 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 consumers to best serve them and that includes understanding them not only from an cultural standpoint, but with regard for their individual values, aspirations and needs."
Key findings from the Better Homes and Gardens Real Estate survey include:
We've Got High Hopes: All groups surveyed are optimistic about the next generation of homeowners, and furthermore, a majority believe their children or future children will have a home of their own before the age they did (Hispanic 78%; African American 74%; Caucasian 56%) and homeowners believe that their children's homes will be the same size or bigger than theirs (Hispanic 90%; African American 83%; Caucasian 73%). Each group surveyed views homeownership as an overarching lifelong goal. In fact, homeownership is considered to be the biggest indicator of status by all groups: African Americans (78%), Hispanics (78%) and Caucasians (65%).
Each of the groups surveyed believe that a home is not simply an indicator of success; it is a long-term investment and a wise one at that. More than any other group, Hispanics are planning ahead for homeownership and prioritizing this dream over retirement. More than half of the Hispanics (52%) surveyed, who do not currently own their own home, say they are focused on saving for a down payment as compared to 46 percent of African Americans and 44 percent of Caucasians who do not own their own home.
"The White Picket Fence" Prevails: Of course, cities have their unique allure, but when it comes down to determining where to live for the long haul, the majority of individuals from every ethnicity surveyed lean largely toward the suburbs. Research indicates that suburban homes are very much in demand among today's house hunters. Among those surveyed, 59 percent of African Americans, 55 percent of Caucasians and 50 percent of Hispanic Americans would select the suburbs as the preferred location for their ideal home.
Love Thy Neighbor(hood): When asked to choose between living in their dream home in a neighborhood they are not fond of, or residing in their dream locale in a home they don't love, each of the three groups was split almost equally down the middle. A slight majority of respondents (56% Caucasian; 50% African American; 50% Hispanic) said they would rather live in the neighborhood of their dreams, even if they are not head over heels for their house.
Home Is Where You Started: Many homeowners want to live close to where they grew up when purchasing their dream house. But, how close is "close?" For a majority of Hispanics (56%) and African Americans (53%), this means staying within the same state one grew up in. Caucasians (56%), however, prefer to remain in the same broad region of the country where they grew up. In fact, 1 in 3 Hispanics prefer that their ideal home is located within the town they grew up in, while only 20 percent of Caucasians share the same sentiment.
We're Going to Need a Bigger House: While it's apparent that living near family is important, there appears to be a significant amount of cohabitation among family members. Findings indicate the multi-generational American home is proliferating. In fact, it is likely to occur in all ethnic groups surveyed. Results show that 63 percent of Hispanics and 59 percent of African Americans will likely have their parents, grandparents, or other extended family members living with them at some point. Only 43 percent of Caucasians share these sentiments.
House hunting has also been impacted by the increasing likelihood of multi-generational family units. According to survey results, 89 percent of African Americans, 89 percent of Hispanics and 88 percent of Caucasians who anticipate such living arrangements would look for features that could accommodate additional family members such as separate "in-law" quarters.
For more information on Better Homes and Gardens Real Estate, visit: www.bhgrealestate.com.
About the Survey
The Better Homes and Gardens Real Estate Survey was conducted by Wakefield Research among 1,200 Americans with an equal distribution of 400 nationally represented Caucasian adults, 400 nationally represented Hispanic American adults, and 400 nationally represented African-American adults, ages 18 and older, between December 7 and December 26, 2012, using an email invitation and an online survey. Quotas were set to ensure reliable and accurate representation of the Caucasian, Hispanic American and African-American populations, ages 18 and older.
Results of any sample are subject to sampling variation. The magnitude of the variation is measurable and is affected by the number of interviews and the level of the percentages expressing the results. For the interviews conducted in this particular study, the chances are 95 in 100 that a survey result does not vary, plus or minus, by more than 4.9 percentage points from the result that would be obtained if interviews had been conducted with all persons in the universe represented by the sample.
About Better Homes and Gardens Real Estate LLC
Better Homes and Gardens Real Estate LLC is a dynamic real estate brand that offers a full range of services to brokers, sales associates and home buyers and sellers. Using innovative technology, sophisticated business systems and the broad appeal of a lifestyle brand, Better Homes and Gardens Real Estate LLC embodies the future of the real estate industry while remaining grounded in the tradition of home. Better Homes and Gardens Real Estate LLC is a subsidiary of Realogy Holdings Corp. (NYSE: RLGY), a global leader in real estate franchising and provider of real estate brokerage, relocation and settlement services. The growing Better Homes and Gardens Real Estate network includes approximately 8,300 sales associates and approximately 250 offices serving homebuyers and sellers in Canada and across the U.S.: Alabama, Arizona, California, Florida, Georgia, Idaho, Illinois, Indiana, Kentucky, Kansas, Pennsylvania, Maine, Massachusetts, Minnesota, Missouri, Nevada, New Hampshire, New Jersey, New York, Ohio, Oregon, South Carolina, Texas, Vermont, Virginia and Washington.
Better Homes and Gardens® is a registered trademark of Meredith Corporation licensed to Better Homes and Gardens Real Estate LLC and used with permission. An Equal Opportunity Company. Equal Housing Opportunity. Each Better Homes and Gardens Real Estate Franchise is independently owned and operated. For more information, please visit www.BHGRealEstate.com.
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