Hispanic and Millennial consumers are the most eager to buy homes in the Greater Boston 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 Boston, 74.4 percent of Hispanic respondents answered “Yes,” by far the most among the area’s demographics (by comparison, only 61.8 percent of white respondents answered affirmatively); similarly, Millennials came out on top among generations at 74.2 percent, far above the 54.5 percent of Younger Boomers.
Minority Homeownership in 2016
Chicagoland’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% |