With the current events that have taken place in Cuba, many are beginning to take a look at the demographic portrait of the Cuban population in the United States. Today, we want to focus on some facts that are important to the housing industry.
Cubans, in comparison to the rest of the Hispanic population, are older, have a higher level of education, have higher median household incomes, and have a higher rate of homeownership.
- The median age of Cubans is 41, while it is 27 for the rest of the Hispanic population.
- 25% of Cubans, age 25 or older, has a college degree.
- The median household income for Cubans is $40,500, but among U.S.-born Cubans it is $57,000.
- The rate of Cuban homeownership (55%) is higher than the rate for all Hispanics combined (47%, as we mentioned last week). Additionally, Cubans living in Florida have a higher rate of homeownership than those living outside of the state (65% vs 52%).
Here are some other facts about Cubans:
- An estimated 2 million Cubans resided in the United States in 2013.
- 60% of those Cubans are U.S. Citizens.
- Some 79% of Cubans speak Spanish at home.
- More than two-thirds live in Florida (68%).
- The state with the next highest concentration of Cubans is New Jersey, followed by New York, California, and Texas.
- Nearly six in ten Cubans (57%) in the United States are foreign born.
In Cuba, there are several restrictions on homeownership; for more than half a century, Cubans have not been able to freely buy or sell houses. I think this is the reason why homeownership for Cubans in the United States is so important, and we can see that this is true based on their homeownership rate.
If you are willing, ready and able, and you would like to make your dream of owning your own home a reality, call a local real estate professional today to see the opportunities in your marketplace.