Hispanic millennials have become a key component in household formation. Fannie Mae reports that: “Minorities, who will drive household formation in the coming decades, are trending younger. While the median age according to the Census Bureau’s 2015 American Community Survey of white Americans is 43, for Asians it’s 35, for African Americans 32, and for Latinos 29. These younger populations may only now be entering their home-buying years.”
In their National Housing Survey, Fannie Mae revealed the following about millennials:
- Millennial renters today have as much desire to own a home as does the general population of renters.
- A substantial majority of renters ages 25-34 say that owning makes more sense than renting from a financial perspective.
- The majority also agrees that owning makes more sense than renting from a lifestyle perspective.
- Most millennials plan to own a home at some point in the future.
Hispanics make up 21% of all U.S. millennials
Based on 2014 data, the Pew Research Center found that Hispanics are “the youngest major racial or ethnic group in the United States. About one-third, or 17.9 million, of the nation’s Hispanic population were younger than 18. And, about a quarter, or 14.6 million, of all Hispanics were millennials.”
If you are a Hispanic millennial who believes that owning makes more sense that renting, it is time to contact your local real estate professional to get together and create a plan to own your home.