In a recent article, The Pew Research Center mentioned that “Millennials have become the nation’s largest living generation, surpassing Baby Boomers. Now numbering 75.4 million, the Millennial population continues to grow as young immigrants expand its ranks…This demographic shift is particularly evident among Hispanics: Nearly six-in-ten Hispanics are Millennials or younger…”
Are Hispanic Millennials important to the housing market?
Yes. As we mentioned before, 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 of white Americans is 43, according to the Census Bureau’s “2015 American Community Survey,” it is 35 for Asians, 32 for African Americans, and 29 for Latinos. These younger populations may only now be entering their home-buying years.