Hispanics Home Buyers Gaining

Hispanics are posting the largest homeownership gains of any ethnic group, new Census Bureau data shows. The wave of growth is a far cry from four years ago when the Hispanic homeownership rate reached a 50-year low. Since then, ownership among this segment has risen 3.3 percentage points.

Hispanics comprise 18% of the U.S. population, yet they accounted for nearly 63% of new U.S. homeowner gains over the past decade, according to the National Association of Hispanic Real Estate Professionals.

While the Hispanic ownership rate grows, ownership rates among blacks plunged to the lowest levels on record in the first quarter of this year, Census data shows. Economists note this is the first time in 20 years where Hispanics and blacks—the two largest racial minorities in the U.S.—are no longer following the same path when it comes to homeownership rates.

Source: “Wave of Hispanic Buyers Shores Up U.S. Housing Market,” The Wall Street Journal (July 15, 2019) [Log-in required.]

Latino population is “Emerging in Housing”

This ‘Mega Force’ is becoming a growing force in the housing market, with this demographic’s purchasing power more than doubling over the past decade, according to a new report by the National Association of Hispanic Real Estate Professionals called “The State of Hispanic Home Ownership 2011.”

Reconizing the purchasing power of Latinos grew to $1.1 trillion in 2011 and is projected to reach $1.6 trillion by 2016, according to NAHREP. We assist in helping Hispanic Clients!  Hablamos Espanol, www.dougandbudzeller.com or zeller123@gmail.com

Rapid population growth (the Hispanic population more than tripled between 1980 and 2010), the population’s relatively young age, dramatic employment growth, and growing incomes are all triggering a higher rate of Hispanic home buyers, according to NAHREP. Fifty-three percent of the total U.S. population’s 545,000 new owner-occupants in the third quarter of 2011 were Hispanic home owners, according to Census Bureau data.

What’s more, about two-thirds of Hispanic renters have said they plan to purchase a home, according to a 2011 Fannie Mae survey.

“Despite recent losses suffered by Hispanics during the housing crisis, young Latino families that were unaffected by foreclosure or lost home values are ready to enter the market,” says NAHREP President Carmen Mercado. “When they do, they will have an exponential impact on housing sales.”

New household growth is projected to be greater for the Hispanic population than any other demographic, says David Stevens, president of the Mortgage Banker’s Association. “The need to recognize the most critical variables in housing type, price range, affordability, and mortgage product terms will be critical for all housing stakeholders — from lenders and [real estate professionals] to policy makers — in order to ensure that the home ownership needs of Hispanics and other Americans are met,” he says.

Source: National Association of Hispanic Real Estate Professionals