Hispanic First-time Homebuyers Have Unique Needs, Desires, Says Century 21 Survey
by Blanche Evans
The CENTURY 21® First-Time Homebuyer Index offers some surprising insights into the Hispanic first-time homebuyer market. This group is not only younger than white and African American first-time homebuyers, they are likely to spend much more on their first home.
Identifying the unique needs of Hispanic first-time homeowners, the survey yielded the following results.
Hispanic first-time homebuyer respondents (mean age 30) are younger than whites (mean age 34) and African Americans (mean age 35)
No significant income difference was determined among Hispanics, whites and African-Americans surveyed
Hispanic respondents are likely to pay more for a first home ($262,000) than both white ($196,000) and African American ($215,000) respondents, a finding that could be influenced by the following factors:
Significantly more Hispanics (30 percent) reside in the West region of the U.S. than white respondents (15 percent). The survey showed that first-time buyers in the West pay more on average ($303,000) than in the Northeast ($252,000), North/Central ($178,000) and South ($173,000)
27 percent plan to have elderly family members move in (vs. 12 percent non-Hispanic)
More Hispanics (17 percent) cite marriage as the primary reason for purchasing a first home than whites (10 percent)
20 percent of Hispanics listed access to public transportation as an important factor in buying a new home (versus 12 percent of white respondents)
Hispanics favor suburban areas for their dream home (52 percent versus 42 percent of whites) and prefer houses to be in close proximity rather than secluded
Hispanics were more likely to desire an attached dwelling (8 percent) than whites (3 percent) or blacks (2 percent)
From a list of major metros, Hispanics rated New York, Los Angeles, Miami, Houston, and San Diego higher than Non-Hispanic whites as ideal cities for a dream home
According to the National Association of Realtors' 2004 Profile of Home Buyers and Sellers, 77 percent of first-time home buyers are white, while 88 percent of repeat buyers are; 10 percent of first-timers are Afro-American and seven percent are Hispanic. Five percent of all homebuyers are Hispanic. Seven percent are first-time homebuyers and four percent are repeat home buyers.
Published: November 16, 2005
Use of this article without permission is a violation of federal copyright laws.
Blanche is a renowned author of five real estate books. Her newest, Bubbles, Booms and Busts: Make Money In Any Real Estate Market, McGraw-Hill, was rave-reviewed by The New York Times. She was also selected from hundreds of real estate experts to contribute to Donald Trump's book, Trump: The Best Real Estate Advice I Ever Received: 100 Top Experts Share Their Strategies, Rutledge Hill Press, and is featured on page 68.
In 2006, Blanche was selected among scores of candidates to author two consumer real estate guidebooks for the National Association of Realtors: The NAR Guide to Home Buying, and The NAR Guide to Home Selling, Wiley & Sons. She is currently planning two new books for the NAR and its members.
Known for her keen insight into real estate industry issues and for her ability to make complex subjects easy to understand, Blanche is a sought-after keynote and continuing education speaker. Real estate organizations from MLSs, to brokerages, to franchisors, to associations hire her to provide up-to-the-minute analysis of real estate industry news and advice on how to improve revenues. Her passionate delivery, peppered with stinging wit, is a huge hit with audiences and fans.
Don Klein, CEO Greater Nashville Association of Realtors, Blanche Evans, Richard Courtney, president 2007, GRAR
"The GNAR membership meeting last week featured Blanche Evans as the keynote speaker. Her comments and insights resonated extremely well with those in attendance and we have had many requests for copies of her PowerPoint Presentation. She was a terrific part of the membership meeting and convention program!" - Don Klein, CEO Greater Nashville Association of Realtors
Blanche is a renowned author of five real estate books. Her newest, Bubbles, Booms and Busts: Make Money In Any Real Estate Market, McGraw-Hill, was rave-reviewed by The New York Times. She was also selected from hundreds of real estate experts to contribute to Donald Trump's book, Trump: The Best Real Estate Advice I Ever Received: 100 Top Experts Share Their Strategies, Rutledge Hill Press, and is featured on page 68.
