Due to the upcoming elections, many organizations are looking for data to learn more about the voters. Recently, the Pew Research Center released an article about Hispanic Millennials and how they account for nearly half (44%) of the record 27.3 million eligible Hispanic voters.
The article also mentions that between 2012 and 2016, about 3.2 million young, Hispanic U.S. Citizens will have advanced to adulthood. And in 2016, a projected 11.9 million Hispanic Millennials will be eligible to vote. Now, not only is this the number of future eligible voters, but also the number of future potential homebuyers!
With eligibility to vote comes the potential to obtain a mortgage!
As shown by the numbers, the almost 3.2 million young, Hispanic U.S Citizens advancing to adulthood, will bring about the formation of new households, and will inevitably buy homes of their own.
According to the Choice Home Warranty Survey, 30% of the Millennials plan to buy a home within the next 5 years, and the 2015 “NAR Home Buyer and Seller Generational Trends” Study mentions that 68% of the Millennials were first-time home buyers; 7% purchased a multi-generational home and represent 15% of the home sellers (so they are also repeat buyers).
There is a large number of Hispanic Millennials in the U.S. and they are future home buyers. If you are a Hispanic Millennial and would like to learn more about your options to purchase a home, contact a local real estate professional today.