‘Hispennials’ and ‘billennials’ two buzz terms that we are hearing more often, but who are they?
According to the U.S Census Bureau, of the overall Hispanic population living in the United States, 65% are Millennials.
Univision calls this generation “Billennials” (Bilingual +Millennial). 65% of Hispanic Millennials are U.S. Born and 40% consider themselves to be bilingual. 70% report speaking “Spanglish” a combination of words in English and Spanish and 23% say that Spanish is their dominant language.
Are Millennials important for the housing market?
Jed Kolko, Chief Economist for Trulia said, “The millennials will have a huge impact on the housing market”.
The Joint Center for Housing Studies of Harvard University in “The State of the Nation’s Housing 2015” mentioned that “minorities are expected to drive 76% of net household growth over the next 10 years and 85% over the next 20”.
Not sure what the demographics of your state look like? Here is an interesting map to check out. Each state is labeled with the year in which the demographics of the US most resembled the current demographics of the state. For example: the current demographic makeup of Florida most resembles the projected national demographic makeup in the year, 2029.
With the Federal Housing Administration reducing private mortgage insurance (PMI) premiums we are likely to see more Hispanic Millennials entering the market. According to Daren Blomquist, Vice President at Realty Trac: “So far the FHA premium reduction is having a bigger impact on getting millennial first time home buyers, and other low down payment borrowers such as former homeowners returning to the housing market, off the fence”.
Realtors: are you working with the millennials? Understand that a percent of your clients could be ‘Hispennials’ or ‘billennials’.