Banking, Housing & the Hispanic Millennial’s Point of View

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Banking, Housing & the Hispanic Millennial’s Point of View - Latina on Real Estate

According to the Pew Research Center, 2015 is projected to be the year that the ‘Millennial’ generation surpasses the Baby Boomers as the nation’s largest living generation. Twenty-one percent of Millennials in the US are Hispanic; two-thirds of which are U.S born and 40% are bilingual.

The Hispanic Millennial Project in theirWave 3: Hispanics and Financial Services” points out a few key points about this group:

Finances & Savings

  • 53% of Hispanic Millennials are pragmatic and not impulsive when it comes to spending
  • Hispanic Millennials save a larger percentage of their income (25%) every month than other groups
  • 53% said they are actively saving money and/or investing for their retirement
  • And 58% believe that having debt of any kind is bad

Homeownership

Twenty-one percent of Hispanic Millennials said that they are planning on getting a mortgage in the future. While 24% plan on investing in life insurance, 20% in a retirement account and 16% in a saving account.

Among those who are not planning to get a mortgage:

  • 46% said they cannot afford to buy a house right now
  • 32% said they don’t have enough money saved for a down payment

Among those who are planning to get a mortgage:

  • 58% said they are planning to get one within the next 3 years
  • 21% said within the next 12 months
  • 74% are currently saving for a down payment

But among the 21% who are interested in buying a house, 63% said they need to be educated on how much they will need to save.

If you are a Hispanic Millennial who wants to buy a home, but is not sure what that will take. Get together with your local real estate professional today and learn about new down payment programs that may help your dream become a reality sooner than you think.

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