Last week, a four-page report was released by the White House detailing “the economic progress of the Hispanic community during the Obama administration.” Today, we would like to highlight a few important points from the report that greatly impact the housing market:
- In 2015, Hispanic Americans saw the fastest income growth of any major racial or ethnic group.
- As of September 2016, the Hispanic unemployment rate was 6.4%, a decrease of 6.6% since peaking at 13.0% in August 2009.
- Between 2014 and 2015, Hispanic household income increased 6.1%, which brought the median income of Hispanic households in 2015 to $45,150.
This is good news! More people are finding jobs, and the ones who are already working are making more money. With extra cash, most people look for ways to spend, but the wise ones find ways to invest.
As we mentioned before, “nearly 4 million Latinos would like to buy a home,” and some of them are seeing the increases mentioned in this report in their own households.
If you are a Hispanic who is seeing an increase in income and you would like to buy a home, or if you are a Latino who owns a home but would like to finally buy the house of your dreams, call a real estate professional today to find out what opportunities are available in your area.