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Survey: Views on Homeownership from Largest Ethnic Groups in U.S.

When it comes to homeownership, the three largest ethnic groups in the nation share similar visions and attitudes, according to a survey from ""Better Homes and Gardens Real Estate"":http://www.bhgrealestate.com/.

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The survey included three groups--Caucasians, African-Americans, and Hispanics--with 400 respondents represented for each group.

Most individuals from all three groups view homeownership as a lifelong goal and consider it to be the greatest indicator of status. For 78 percent of African Americans and Hispanics, homeownership was viewed as the greatest indicator of status, while 65 percent of Caucasians shared this view.

Each of the groups also view homeownership as a wise investment that is also long-term. In fact, 52 percent of Hispanics who do not own said they are focused on saving for a down payment. The same was said among 46 percent of African Americans and 44 percent of Caucasians.

When asked about location, the majority of respondents from each group showed a preference for suburbs, with 59 percent of African Americans in this category, 55 percent of Caucasians, and 50 percent of Hispanic Americans.

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Living close to the area in which one grew up was found to be more important for Hispanics and Africa Americans, with more than half from each group expressing a preference to stay within the same state they were raised.

For 56 percent of Caucasians, the preference was just to stay within the same broad region of the country. Also, 1 in 3 Hispanics said their ideal home is located within the town they grew up in, while only 20 percent of Caucasians had the same preference.

All groups expressed optimism concerning the next generation of homeowners, with most believing their children or future children will own a home before they did. Of the groups, Hispanics and African Americans were the most optimistic, with 78 percent and 74 percent, respectively, believing the next generation will own before they did.

In addition, 90 percent of Hispanics believe their children's homes will be the same size or bigger than their home, while 83 percent of African Americans said the same. Seventy-three percent of Caucasians shared the expectation.

The majority of African Americans (59 percent) and Hispanics (63 percent) also anticipate having their parents, grandparents, or other family members living with them at some point, which means owning a home to accommodate such an arrangement is important. Meanwhile, 43 percent of Caucasians say it is likely that their relatives will be moving in with them.

""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.""

About Author: Esther Cho

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