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“.
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.