The term WASP HOMES can be broken down into two parts: WASP and NESTS. WASP stands for White Anglo-Saxon Protestant, which is a term used to describe people of European descent who are Protestant and have a high socio-economic status. NESTS refers to the homes of these WASPs, which are typically large and luxurious. In summary, WASP HOMES refers to the large and luxurious homes of White Anglo-Saxon Protestants.