According to the National Association of Hispanic Real Estate Professionals Hispanics are on an ever increasing rise to own the American dream of having a house.
As the population of Hispanics has increased over several years in the USA, they are expected to account for 40 percent of the estimated 12 million new households. It is really important to note that homeownership in America has changed drastically and policymakers should pay attention to this change.
Housing industry can also make new strategies to target Hispanic market because according to the U.S. Census Bureau, the Hispanic homeownership rate averaged 45.6 percent in 2015, two-tenths of a percent higher than in 2014, however in the 12 months ending this past December the increase was much more dramatic surging from 44.5 percent to 46.7 percent – the largest one-year spike in more than a decade.
These striking numbers are enough to understand how Latinos are going to be the most favorable demography to capture when it comes to selling homes. According to national housing surveys, despite low economy and jobs, Hispanics don’t fear to invest in houses, they are more eager to become the homeowners. 73% of Hispanics compared to 57% of all Americans feel that buying a home is like investing for their future generations. They are more connected to their families and feel proud to own a home on American soil.
“The Hispanic home ownership numbers were very encouraging and all leading indicators strongly suggest that the trend will continue,” said Joseph Nery, NAHREP 2016 President.
The Hispanic Wealth Project, in collaboration with the National Association of Hispanic Real Estate Professionals (NAHREP), revealed their data last year in March 2016.The report showed that Latinos lead the nation in workforce participation and household formation growth which indicates that Hispanics will likely be the primary driver of new homeowners for the next decade and beyond.
It also focuses on major hurdles which Latinos face during their home buying process such as access to affordable mortgage credit, needs to substantially increase the number of culturally competent professionals in the housing industry and policies that address the shortage of housing inventory in many major markets.
At Stress Free Mortgage, we strive to help make the American dream of owning a home a reality! Helping you navigate the entire mortgage process without all the stress is what you can expect with us. With our diverse team, we work to identify everyone's home purchasing needs so you can get into your next home Stress Free!
Sources- NAHREP Press release March 2016