As we mentioned at the beginning of this month, every Wednesday we highlight some of the most important points we found in the latest ‘The State of Hispanic Homeownership Report 2015’ from the National Association of Hispanic Real Estate Professional (NAHREP). Today, we are going to focus on the Hispanic Millennials.
According to the report, Hispanic Millennials have a strong desire for homeownership which suggests that they will transition into homeownership at a faster pace that their non-Hispanic counterparts.
More about this group
- The nuanced consumer behaviors of Hispanic Millennials inﬂuence their buying decisions for home purchases.
- Hispanic Millennials out index other demographics and age groups in use of smart-phones.
- Latino millennials in 2015 represented 15.1 million of the nation’s 72.2 million millennials.
They are spending a large percentage of their time on their phone and they are looking for information about real estate and how to buy a home.
What are they looking for?
- Hispanic millennials are more likely to be multigenerational, suggesting an increase in the demand for homes that accommodate larger households.
- They are family-centric
- They are more likely to want children
- They prefer to live near work, shops, restaurants, or parks.
How do these Hispanic millennials envision homeownership?
- They envision a home as more than an investment
- A great place to live and raise children
- A pathway to prosperity
- The fulfillment of the American dream
- It represents a great sense of pride and accomplishment.
Hispanic Millennials will make up a large portion of household formations and the pool of homebuyers in the near future. If you are a Hispanic Millennial, call a real estate professional today and find out your options to fulfill this part of the American dream.