Last week I had a great opportunity to listen to one of the best speakers in the real estate industry, Steve Harney. In his presentation “Knowledge = PROFIT!” he spoke about the Hispanic community and also shared some data on this group. I would like to share that with you now.
First Time Homebuyers
According to a NAR study “Although the majority of first-time homebuyers identify as white, the next largest group is Hispanics, who account for 11 percent of the market of first-time homebuyers. Estimates suggest that, between now and 2020, Hispanics, the second largest ethnic group in America, will account for 50 percent of new homebuyers.”
Who are they? Hispennials (Hispanic + Millennials) are the largest generation by population size, 21% of Millennials are Hispanic.
According to The Bipartisan Policy Center Study they believe that there will be a “$68,000,000,000 annual increase in spending on residential construction” and The Pew Research Report said that “61% of undocumented immigrants have been here for 10 or more years, and the longer the duration of residence in the U.S., the more likely that immigrants will form independent households and pursue homeownership.”
The affluent Hispanics (earning $100K+ per year) account for 12.2% of all Hispanic earners.