When working with Hispanics who are in the process of becoming a home owner, it is important to understand their background. A U.S born Hispanic can be more familiar with the systems in the country but, in the case of the immigrants, they will be bringing their knowledge of the financial systems in their country of origin. In many cases it can be completely different to the way it works in the U.S.
Recently, the Pew Research Center published an article “The Nation’s Latino Population Is Defined by Its Youth”. In the report, they compare the different racial or ethnic groups by age group. The report revealed that about 32% of the nation’s Hispanic population is younger than 18, 26% are millennials and 22% are Gen X. Here is the graph for all the groups:
Of the Hispanics in the United States, the report also looked to see if they were immigrants or U.S Born. Here are the results by age:
As the graph shows the U.S Born Hispanics are younger. 47% are younger than 18, 27% millennials and 14% generation X. As we mentioned in the past, these young Hispanics will be future homeowners.
Of the Latinos that are currently of age to get involved in a real estate transaction, the major group at this moment are the Latino Immigrants (26% millennials, 37% Gen X and 24% de Boomers). They need to understand the process in the U.S. as it may be very different than what they have seen in their country.
If you are currently an immigrant that would like to know the process of becoming a homeowner, call a local real estate professional that can help you be fully aware of your opportunities.