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Real Estate Culture December 30, 2009

Posted by zvaida in Buffalo-Niagara.
Tags: ,

The minority population in this country—African Americans, Hispanics or Latinos, and Asians—has grown by 35 percent since 1990, a growth rate five times that of the U.S. population overall. By the year 2010, one-third of the American population will be minorities. (Source: U.S. Bureau of the Census)

Minority buying power in the United States is estimated today to be $1.5 trillion. By the year 2007, it is expected to reach $2.3 trillion. The buying power of the Hispanic community alone will exceed $900 billion.

Immigrants and ethnic/racial minorities from Europe, Asia, Africa, and Latin America represent a major growth segment of the housing market and, therefore, of the realty profession. Government and industry data indicate that two out of every three new households are being formed by foreign-born or minority persons. Foreign-born homeowners already account for $1.2 trillion in housing.



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