Why it matters:
- The buying power of African American, Asian American and Native American consumers, has increased exponentially to $3 trillion in 2020. That's according to the University of Georgia’s Selig Center for Economic Growth.
- Minority consumers currently have lower homeownership rates than their white counterparts. Whites are at 71%, followed by Asian Americans at 59%, Hispanics at 51% and Blacks at 44%. That's according to Freddie Mac.
- Minority groups represent a large market opportunity with 41 million mortgage-ready potential diverse customers. That's also according to Freddie Mac.
For more insights on this important topic, take a look at NAR’s recent report, A Snapshot of Race and Homebuying in America.
Pat Sherlock is the founder of QFS Sales Solutions, an organization that helps organizations improve their sales talent management and performance. For more information, visit https://patsherlock.com.