#2013-3 Where are the New Americans looking to buy a home?

I’ve been talking recently about selling homes to New Americans. We’re living in a multicultural society that has taken the “melting pot” concept to the point of boiling over. Foreign-born residents comprise 13 percent of our population, plus we have a large—and rapidly increasing—number of Americans who are steeped in their distinct cultures, like those of Hispanic, African American, Asian, and Middle Eastern descent.

Let me tell you, not everyone looks at buying a new home in the same way. And the difference is magnified when you are working with multicultural homebuyers. Different areas of the country are seeing this shift in different ways, as our New Americans are finding their way “home”.

How will this affect you as a new home sales professional? Well, here are some trends you should pay attention to:

  • New metro hubs. Large metro areas and their suburbs stand at the forefront of America’s transformation into a multi-ethnic society. According to the 2010 Census, minorities made up more than half of the population in 22 large metro areas. Compare this to 14 areas in 2000 and just five in 1990, and you definitely see an opportunity for new home sales in the urban areas.
  • Opening a new gateway. Prior to 2000, six states were the primary gateways for immigrants to the U.S.: California, New York, Texas, Florida, New Jersey, and Illinois. The 2010 Census showed that nearly half of the immigrants were living elsewhere, with more than 50 percent increase in nine other states, including Kentucky, Montana, North Carolina, South Carolina, and Wisconsin.
  • Shifting to the suburbs. For the first time, a majority of every major racial and ethnic group in large metro areas lives in the suburbs.[1]
  • Heading south. The African American population, in particular, is returning to the South, with three-quarters of this group’s total increase occurring in that region in the 2000s.

If you want to see how New Americans are impacting your area, check out the 2012 NAR Profile of International Home Buying Activity for a state-by-state breakdown.

You can stay tuned here for more posts about about working with multicultural homebuyers, or download my ebook, New Home Sales Training: Selling New Homes In a Multicultural America”.

[1] Frey, Willliam H., “A Pivotal Decade for America’s White and Minority Populations”, State of Metropolitan American, Number 28, March 25, 2011, The Brookings Institution

Next: How to read international body language, Part 1: Face it!

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