Case Study: Bridging the Gap in Multicultural Homeownership
How can we understand the experiences, misconceptions, and home buying preferences of NextGen homebuyers?
Cultural Outreach approached Sage Outcomes with a critical challenge: understanding the experiences, misconceptions, and home buying preferences of NextGen homebuyers.
They needed comprehensive, actionable insights to better serve this rapidly growing segment of the market.
Sage Outcomes, a research consulting firm, is committed to making market research affordable and accessible. With a focus on equity and inclusivity, we specialize in serving BIPOC individuals, women-owned organizations, and others who have traditionally found market research unapproachable.
Cultural Outreach, the financial services premier multicultural marketing firm, connects and engages organizations with the multicultural marketplace. They bridge the gap between underserved homebuyers and financial institutions, helping companies reach young and diverse markets through multicultural marketing and specialized training sessions.
Cultural Outreach approached Sage Outcomes with a critical challenge: understanding the experiences, misconceptions, and home buying preferences of NextGen homebuyers. They needed comprehensive, actionable insights to better serve this rapidly growing segment of the market.
Sage Outcomes developed a robust research methodology to address this challenge. We designed a large-scale survey targeting 1,000 NextGen buyers who had either purchased a home in the past three years or planned to purchase within three years.
Given the research goals and the digital-native nature of the target demographic (Millennials and Generation Z), an online survey was determined to be the most appropriate methodology. This approach allowed for a broad reach across different regions and demographics, ensuring a diverse and representative sample of NextGen homebuyers.
The research process was comprehensive and collaborative. It began with the development of a custom detailed questionnaire, designed to capture a wide range of data on homebuyers' experiences, beliefs, and concerns. Each question was carefully crafted to address the research goals and produce valuable insights.
Following data collection, our team conducted an in-depth analysis, identifying key trends and insights. We then compiled our findings into a polished, accessible report, the "2022 NextGen Homebuyer Report."
The research revealed critical insights into the NextGen homebuyer market. Affordability emerged as the biggest challenge for recent homebuyers and the biggest concern for prospective buyers. Misconceptions about the homebuying process, such as the belief that a 20% down payment is necessary, were prevalent.
The study also shed light on communication preferences. While social media is a significant part of everyday life for NextGen buyers, traditional methods like email and phone calls are preferred for business matters. Personal networks also play a key role in the homebuying process, with friends and family serving as a significant source of referrals for realtors and loan officers.
The collaboration between Sage Outcomes and Cultural Outreach resulted in valuable insights that will help Cultural Outreach and other financial institutions better understand and serve NextGen homebuyers. By dispelling misconceptions and understanding communication preferences, these institutions can more effectively reach this growing market segment. If you’d like to learn more about Cultural Outreach and their work, please visit their website: www.culturaloutreach.com
