New Home Demand Rises

Abstract:

Since the spring, the percentage of respondents to the Fall 2003 Survey of Affluent Americans who are planning to build a new primary residence rose from 1.5% to 4.2%.

Byline:

Nikki Rhodes, Managing Editor

Publication Date:

Wed, 2003-12-31 18:00

What a difference six months makes. In September, the rich felt better about the nation's economic outlook than they had in the spring, according to the Fall 2003 Survey of Affluent Americans.

The American Affluence Research Center's semiannual survey focuses on the wealthiest 10% of U.S. households (minimum net worth of $750,000).

Since the spring, the percentage of respondents planning to build a new primary residence rose from 1.5% to 4.2%. The percentage planning to build a new vacation residence rose from 2.3% to 3.4%.

AARC calculates that those numbers translate into 800,000 new homes. Those whose net worth exceeds $6 million are the most likely buyers.

Anticipated spending on items such as home furnishings, home computer equipment and major home appliances rose slightly from the spring.

The next survey will be taken in March. For more information or to order the report, call 305/666-0476 or visit the AARC's Web site at www.affluenceresearch.org [1].