When we talk about the Hispanic community, we frequently hear the statistics about the millennials and how young this community is. But, similar to the millennials, Hispanics are the fastest growing group in the 50+ marketplace.
This week, Nielsen published a report: “The New American Vanguard. Latinos 50+: Healthy, Wealthy and Wise”. The report revealed that the Latinos 50+, currently represent 10% (11.1 million) of this age group and the percentage is expected to grow to 24% by 2060 (some 42 million).
More than half of U.S Hispanics 50+ (56%) are foreign born and they are leading the way by extending a strong cultural influence over their families, keeping their cultural roots alive. 67% of this group speak Spanish at home and have a longer life expectancy of 83.5 years.
From 2000 to 2013, the percentage of households headed by Hispanics ages 50 to 69 who earned $75,000 or more saw an increase of 10.2% compared to 7.6% among younger adult Hispanic heads of households. All the income bands above $50,000 showed an increase in a 13 year time period.
In the Hispanic culture, it is common for the younger generation to take care of the previous generation and many times it is by having a multigenerational household. Here is the share of the Hispanic population living in a multigenerational home:
Share of population by age living in multigenerational family households, 2013:
As we have already mentioned, this group will continue to grow, and will be looking for a multigenerational home. According to the Home buyer and seller generational trends report 2015 from NAR, 13% of all the home purchases in 2014 were by multigenerational households.
And last month, The Washington Post published an article: “Demand rises for properties that can house more than one generation”. The article mentioned the demand builders have in 13 states to meet the needs of multigenerational households.
Achieving financial security for themselves and their families is a high priority for Hispanics 50+. There is no better way to do it than to buy home.