What Home Buyers Really Want: Ethnic Preferences
Previous posts highlighting findings from the study What Home Buyers Really Want: Ethnic Preferences have shown that a buyer’s race or ethnicity can play a role in how he/she evaluates the characteristics and features of a prospective home. The analysis was focused on four racial/ethnic groups of home buyers: White (Non-Hispanic), African-American (non-Hispanic), Hispanic, and Asian.
Based on a list of almost 30 kitchen features that buyers got to rate as essential, desirable, indifferent, or ‘do not want’, the table below shows the 10 ‘most wanted’ kitchen features for each of the four racial/ethnic groups. Interestingly, the features that make it on this ‘most wanted’ kitchen list are identical across the four groups, albeit in different order. In fact, the top three are exactly the same among all groups (in slightly different order):
• Table space for eating
• Walk-in pantry
• Double sink
Other features that appear in all four groups’ ‘most wanted’ kitchen lists include a central island, granite countertops, recessed lighting and a desk/computer area.
A similar list of the top 5 ‘most wanted’ bathroom features (out of more than 15 such features buyers were asked to rate) shows that 4 of these 5 are also common across all racial/ethnic backgrounds:
• Exhaust fan
• Linen closet
• Both a shower stall and a tub in master bathroom
• Double vanity
When it comes to technology, the one feature that White, African-American, Hispanic, and Asian buyers alike most would like to have in their next home is a wireless home security system, ranked most wanted by all four groups out of more than 20 technology features listed. This result suggests that including a security system may be a strong selling point across all backgrounds. In addition to the wireless home security system, three other features appear on the top 5 ‘most wanted’ tech list of all four groups:
• Programmable thermostat
• Security cameras
• Wireless home audio system
The next and final post on this series based on the study What Home Buyers Really Want: Ethnic Preferences will report on buyers’ attitudes toward the environment and their willingness to pay more for a home that saves them $1,000 a year in utility costs.
View this original post NAHB's Eye on Housing blog.