Projected Hispanic Household Formation

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Projected Hispanic Household Formation - Latina on Real Estate

As we mentioned last week, The National Association of Hispanic Real Estate Professionals (NAHREP) released ‘The State of Hispanic Homeownership Report 2015’. The report revealed that “Hispanics have accounted for 43% of the growth in U.S households since 2000 and have accounted for 56% of new household formations over the past five years“. Just last year, “Hispanics accounted for 486,000 new household formations, representing 37% of the total household formations in the country“. The report also projected that Hispanic homeownership will growth between 2010-2030.

Projections of Hispanic Homeownership Growth Between 2010-2030

NAHREP agrees with the study by the Urban institute that predicts that “Hispanics will account for 52% of new homeowners between 2010 and 2030“. Based on a forecast by the Mortgage Bankers Association, “Hispanics will drive U.S housing demand, accounting for 5.7 million more Hispanic households in 2024 than in 2014, representing 36 % of the total household formation growth (15.9 million) projected through 2024“.

Also, according to the Demand Institute, Hispanics will account for “roughly 40% of all new household formations in the U.S. between now and 2020“.

In conclusion

As the Demand Institute mentioned, 76% of the Hispanics think that housing in as excellent investment and 68% say homeownership is an important goal. This year, purchasers have a great opportunity to buy a house. If you are a Hispanic that would like to own a home, don’t wait until you start a family. Do it now. Call a local real estate professionals and find out your options.

 

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