At the end of the year, many companies begin to forecast for the following year. The Mortgage Banker Association did their forecast for the next decade and published it in the paper: Housing Demand: Demographics and the Numbers Behind the Coming Multi-million increase in Households. They believe that between 13.9 and 15.9 million additional households will be formed by 2024, making the next decade one of the strongest in U.S. housing history!
They mentioned that housing demand will be driven by three groups:
- Baby Boomers and
Let’s take a closer look at the Hispanic community and how it is represented in the other two groups.
The paper mentioned that the household growth will include 5.5 to 5.7 million more Hispanic households in 2024 than in 2014.
The Baby Boomers
Here they mentioned that the baby boomers will lead the growth with 12.3 to 12.9 million more households age 60 and over in 2024 than there are today. As Nielsen reported, Latinos 50+, currently represent 10% of this age group and that percentage is expected to grow to 24% by 2060.
Millennials will also be a key element of growth raising the number of households age 18 to 44 by 4.1 to 5.1 million. As we mention in a previous post, 83,000 Latinos turn 18 each month in 2015.
Whether you are working with the millennials or the baby boomers, a percent of your clients will be Hispanic.
Are you a Hispanic Millennial or Baby Boomer thinking about buying a home? Don’t wait a decade! Take advantage of the current prices and interest rates. Call a local real estate professional today!