Each year in the United States we observe National Hispanic Heritage Month, from September 15th to October 15th, by “recognizing the contributions made by Hispanic and Latino Americans in the United States.”
As a form of celebration, we are going to offer something a little different this month.
We interviewed a few real estate experts and asked the question: “Is the Hispanic community important in the housing market?” So, in place of the written blog, we are going to share those interviews with you each Thursday, between September 15th and October 15th, as part of a series that we are calling “Thursdays of Interviews.”
This week our expert is:
Jonathan Smoke, Chief Economist at Realtor.com
Is the Hispanic Community Important in the Housing Market?
Absolutely! There is no question in my mind. There is no other answer to that question but yes. It’s a combination of things: most of the population in household growth in the country is Hispanic, but it’s also a population that highly prizes homeownership, and homeownership is core to their goals, and their functions, and the family – it’s a center part of their activities. So, relative to other groups, this is a group that housing matters a lot, but they also face challenges from the financing side because they are not using traditional sources of credit, build up their credit score. There are a lot of challenges that that group faces, but I believe a lot of the future of the housing market is going to be in figuring out “what do we need to do to innovate financing?” “What do we need to do in new construction?” And “What do we do about affordable housing in the main parts of the country that are a challenge for renting before they get into the place of homeownership?”