We often hear comments that, occasionally, create stereotypes and ideas that are untrue! Lately, with the recent change in government, we have been hearing so much about the Hispanic community that we decided we needed to find the truth.
A new study, “Making America Rich Again: The Latino Effect on Economic Growth,” was recently conducted; its goal, as stated by Sol Trujillo, a former Fortune 500 CEO, was “to gather real data rather than perceptions or opinions.”
Here are some points from the study that are important to the housing industry:
- Latinos were responsible for 29% of real income growth in the United States between 2005 and 2015, with the number of Latino households with incomes over $150,000 growing 194%.
- The median age of Latinos is 28 years old, nine years younger than the U.S. population at large. These Latinos are also more educated and more entrepreneurial than many might expect.
- Latino-owned business grew by 46% between 2007 and 2012.
- Latinos have more than $1.3 trillion in buying power, and the number of affluent Latino households is growing much faster that of the overall population.
There are many Latinos that have businesses and are already established in this country; they appreciate the opportunities this country provides and they understand the importance of homeownership.
If you are a Latino considering buying a home, call your local real estate professional and take advantage of the current conditions in the housing market.