0
0
0

In Atlanta Real Estate, these Two Groups Value Homeownership the Most

by Peter Thomas Ricci

millennials-mortgage-market-2015

Asian and Baby Boomer consumers are the most eager to buy homes in the Metro Atlanta area, according to a new survey from Zillow.

The survey, which polled more than 10,000 renters and homeowners, asked consumers whether or not they associated homeownership with the American Dream. Here in the ATL, 78.8 percent of Asian respondents answered “Yes,” by far the most among the area’s demographics (by comparison, only 52 percent of white respondents answered affirmatively); similarly, Older Boomers/Silent Generation came out on top among generations at 62.9 percent, though the divide was not quite as pronounced.

Minority Homeownership in 2016

Atlanta’s demographic trends were hardly surprising, given the nationwide results of Zillow’s survey. Of Hispanic respondents surveyed, 70 percent agreed that owning their own home is necessary to live the American Dream, followed by 64 percent of Asian respondents and 63 percent of black respondents; only 57.6 percent of white respondents agreed.

There was one alarming aspect of the survey, though – 46 percent of Millennial renters expressed confidence that they can afford a home, which is down from 50 percent six months ago. We have written many times on the economic troubles of Millennials, and Zillow’s survey is evidence that uncertainty remains among the generation’s prospective homebuyers.

Click on the tabs below to compare the demographic and generation differences – among the nation’s largest metro areas – on whether or not homeownership is integral to the American Dream.

Metro Area Hispanic Respondents Asian Respondents Black Respondents White Respondents
Atlanta 66.7% 78.8% 65.6% 52%
Boston 74.4% 68.9% 67.7% 61.8%
Chicago 76.4% 82.9% 63.4% 61.2%
Dallas 61% 66.7% 72.2% 62.2%
Los Angeles 75% 67.8% 67.7% 64.2%
Miami 75.4% 66.7% 62.2% 64.3%
New York 74.3% 60.3% 59.3% 57.4%
Philadelphia 66.7% 71.9% 56.3% 54.9%
San Francisco 66.3% 61.3% 72.5% 47.8%
U.S. Average 69.7% 63.7% 62.9% 57.6%
Metro Area Millennials Gen Xers Younger Boomers Older Boomers/Silent Generation
Atlanta 59.6% 59% 57.4% 62.9%
Boston 74.2% 60.8% 54.5% 63.9%
Chicago 69.2% 62.8% 64.3% 66.7%
Dallas 71.4% 56.6% 59.7% 67.8%
Los Angeles 86.9% 57.7% 62% 64.4%
Miami 73% 66.9% 68% 65.3%
New York 72.5% 71% 44.8% 54.7%
Philadelphia 44% 64.6% 56.3% 69.4%
San Francisco 64.5% 53.7% 50% 60%
U.S. Average 65.3% 58.4% 56.9% 63.9%

 

Related articles

Join the conversation

New Subscribe