Housing Giants - April 24, 2008 - (Page 28)

Reach Advisors President James Chung compiled data that shows minorities’ homeownership rates steadily rising. gateway metros, immigrant households are beginning to settle in suburban and rural areas in even more areas of the country. With most immigrants settling in urban areas, they will be key buyers of a large block of existing housing stock. “Between 2005 and 2015, the number of pre-baby boom, primarily white households will fall by about 11 million,” the Harvard study says. “As a result, the homes they currently occupy — including millions of modest houses built in the inner suburbs during the 1950s, 1960s and 1970s — will come 28 HOUSING GIANTS.4.24.08 onto the market. This huge turnover of homes will open new opportunities for younger and more racially and ethnically diverse households to live close to city centers.” Urban infill projects will also appeal to Latinos and other ethnic groups. Latinos are the largest and fastest-growing ethnic group, with an estimated $700 billion in spending power, according to Kleber. Developers who want to target this market will have to take into account language barriers because a sizable portion of potential Latino home buyers are not fluent in English. Latinos also have some unique WWW.HOUSINGGIANTS.COM http://WWW.HOUSINGGIANTS.COM

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Housing Giants - April 24, 2008 Contents Viewpoint News and Moves Sell Workforce Housing The New Housing Demographics

Housing Giants - April 24, 2008

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