One of the requirements that will be looked at the moment you decide to buy a home is your income, and that number is increasing in Latino households.
Recently, an article by PR Newswire mentioned that “Between 2005 and 2014 the number of Latino households with an income between $75,000 and $100,000 increased more than 50% and Latinos accounted for 39% of the growth in the number of households in this income bracket. During the same period the number of Hispanic households enjoying an income in excess of $100,000 more than doubled.”
Not only are Hispanics buying homes, they are also spending income on household equipment. According to Packaged Facts’ report, Hispanics: Demographic and Consumer Spending Trends, “Latino consumers have become the most important driver of growth in a wide variety of consumer expenditure categories,” for example:
Between 2012 and 2015, increased spending by Latino households represented around 40% of the growth in aggregate spending for household equipment. Latino households accounted for:
- 20% of growth in aggregate expenditure for furniture
- 18% for major appliances
- 17% for audio-visual equipment and services
- 16% for small appliances
As the report mentioned “Over the next decade Latinos will account for more than half of the population growth in the United States. Ten years from now Hispanics will comprise one in every five Americans.”
Hispanics can afford to buy good houses, as well as the household equipment to keep them up to date. If you are a Hispanic who would like to become a homeowner, call your local real estate professional and see what options are available in your neighborhood.