by Gonzales Group
The Multicultural market represents a tremendous opportunity for the real estate community.
Multicultural purchasing power this year is over $1 trillion and going to account for almost 50% of first-time homebuyers. Also according to Harvard University's Joint Center for Housing Studies, minorities will grow ever more important to the housing markets over the next 10 years, accounting for an estimated two-thirds of net new households.
Multicultural consumers today represent over one-quarter of all U.S. households, and will contribute to the majority of household growth over the next decade. This year, nearly three in ten thousand households will be headed by minorities. Younger on average than whites, Multicultural segments in America will add 9.2 million households under age 50 and will lose only 1.7 million households over that age to death, institutionalization or other causes.
Bottom line. The real estate market is changing because of increasing cultural interaction between nations, regions, communities, and neighborhoods. Evolution in technology, communications, open market economics, and social migrations are making our country increasingly diverse. Perhaps more than any other country, we have become a microcosm of the many cultures of the world, and this trend toward increased social diversity is certain to continue. Therefore today’s REALTORS® need to develop the skills to reach the growing multicultural market of prospective homeowners.
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