Due to the upcoming elections, more people are paying attention to the number of Hispanic Millennials about to turn 18. Fox News Latino reports:
“On average about 83,000 Latinos will turn 18 each month in 2015, more than the often reported 50,000”.
Why does the real estate industry need to pay attention to this demographic?
Here are two reasons:
- This is a group that is estimated to be worth about 1.5 trillion dollars in purchasing power in 2015.
- As an article from BrewBound mentions:
“this is a group that’s scaling upwards in income… on that front, the number of Latino households that earn between $75 and $99,000 grew 31% between 2000 and 2011. That’s compared to just 16% growth from non-Latino households. Additionally, Latinos households earning in excess of $100,000 grew 71% against 49% growth among non-Latin households during the same time period”.
Hispanic Millennials will be the next group of future homebuyers as their income and age grows.