Black Americans want the biggest homes. Asians are willing to pay more for their new homes than anyone else. Hispanics want to pay less. These are some of the findings of a survey by the NAHB, which asked 3,000 new-home buyers what their wish lists included last fall—and, for the first time, analyzed the answers by ethnicity.
“Some of the things these groups want are so different,” says Gopal Ahluwalia, NAHB's head of research. Ahluwalia said the organization decided to study desires by ethnic group because the number of minority new-home buyers has been growing every year.
Members of the three minority groups all expressed a desire for homes larger than the U.S. average, which is 2,320 square feet. Blacks wanted the largest homes, specifying a median of 2,845 square feet and a median cost of $238,732. Asians were happier with smaller homes—2,583 square feet—but were willing to pay $333,871, almost $100,000 more than blacks, the survey found. Hispanics desired the smallest homes—2,480 square feet—costing only $223,846.
The survey presented respondents with a list of 90 amenities in and around the house and asked each whether they considered it a “must-have” item. Both blacks and Asians cited more items as must-haves in their homes—such as a separate dressing-makeup area in the master bedroom—than did Hispanics.