In a recent business blog, it was mentioned that Hispanic consumers have the ability impact several different opportunities within industries. Most important to us is the impact that Hispanic consumers can have on the growth of homeownership, and, according to the article, “Hispanics are fueling growth in residential real estate in the U.S.”
Is this true?
Here are some numbers to respond to this question:
As we mentioned previously, between the fourth quarters of 2014 and 2015, the rate of homeownership for Hispanics surged by more than 2 percentage points, from 44.5% to 46.7%.
Also, The 2015 State of Hispanic Homeownership Report done by NAHREP (the National Association of Hispanic Real Estate Professionals) mentioned that:
“Hispanic population growth is taking place in both expected markets like California where Hispanics now outnumber non-Hispanic Whites, and in non-traditional markets in the Midwest and South such as Alabama, South Carolina and Tennessee.”.
Is this number going to increase?
NAHREP’s report projected a 52% growth in Hispanic homeownership between 2010 and 2030. They said:
“U.S. household growth will be led by as many as 5.7 million additional Hispanic households over the next decade, and is expected to drive total growth in U.S. household formations through 2024”.
Yes, Hispanics are fueling growth in residential real estate in the U.S and you don’t have to wait a decade! If you are a Hispanic thinking of buying a home, call your local real estate professional and take advantage of the opportunities in your market.