The Business and Economics Polling Initiative (BEPI) at Florida Atlantic University conducts surveys on business, economic, political, and social issues with a main focus on Hispanic attitudes and opinions at the regional, state and national levels. They published their latest survey on Hispanic consumer sentiment last week.
Here are the highlights on housing:
- While 52% of Hispanics think it is a good time to buy a home, most of them (52%) said an increase in interest rates would discourage them from doing so.
- 55% of the Hispanics polled own a home and 36% rent.
- 72% of the older Hispanics (55 and over) are more likely to own a home than those 18 to 34 years old (40%)
A recent study by the Filene Research Institute reported that Hispanics struggle with knowledge about personal finances. Here are some highlights:
- 8 of 10 highly educated Hispanics have at least 1 credit card, half of them report behaviors that can damage credit scores, increase interest rates, and harm their future borrowing capacity.
- 35% had used one or more alternative financial services within the five years preceding the survey.
- 22% report taking a loan or hardship withdrawal from their retirement account.
Hispanics are becoming influential players in our economy, with an expected purchasing power of $1.5 trillion in 2015. In order to help them own a home, we need to help them realize how important their personal finances are, and the options they have today to own a home, or start them on a track to putting their finances in order to be able to afford their dream home in the future.
Here is a great tool you can use. Freddie Mac this week launched a consumer website “my home” designed with tutorials, videos, quizzes and worksheets to provide additional information on overcoming the most common obstacles to buying and selling a home.
Take your time to conduct a seminar and help the Hispanic community in your market place, helping them will make them your customers for life!