In honor of Hispanic Heritage Month our team at Corken + Company wanted to help celebrate and acknowledge what it means to be Hispanic in the U.S. We’re highlighting the changing landscape of homeownership in the U.S.
Hispanic buyers leading homeownership growth:
While Hispanic homeownership still lags behind non-Hispanic white homeownership, Hispanic buyers are a prominent force in the U.S. housing market and are about to take over as the nation’s dominant group of homebuyers. A recent report from the Urban Institute found that the Hispanic community is the only demographic in the U.S. projected to increase their rate of homeownership between 2020 to 2040. To be exact, this is expected to rise from 49 percent to 51 percent. In comparison, homeownership rates among all other racial groups are expected to decrease during that time frame. In brief, Hispanic homebuyers comprise 70% of homeownership growth for the next two decades. That means the community will serve as the growth engine of American home buying.
Who are today’s Hispanic homebuyers?
The Hispanic community is the youngest ethnic group in America and many are in prime home buying age. Altogether, that’s the most significant contributor to the strong growth in their homeownership rate. To find out more about today’s Hispanic homebuyers, Realtor.com’s Economics team took a closer look at this demographic in their newly published 2021 Hispanic Homebuyer Profile.
Here are a few key takeaways from the report:
Today’s Hispanic homebuyer is young. 55% are under the age of 35 compared with just 37% of the overall homebuyer population in this age range.
Almost half (49%) of Hispanic buyers live in urban areas, while 42% live in suburban communities.
In addition, 47% reported incomes over $50,000 a year, with 21% earning over $100,000 a year.
Mirroring broader trends, Hispanic buyers are searching for a 3-bedroom home, with 2.5 bathrooms.
Approximately 60% of Hispanic buyers are looking for homes priced at $350,000 or less.
60% of Hispanic buyers plan to move away from their current city or town.
Finally, Hispanic buyers seek homes that are near extended family. In addition, they’re seeking spaces that can accommodate extended family either full- or part-time.
It is important to honor and celebrate those in our communities! Along with acknowledging that home ownership should be available to every person. Most importantly, we believe in “Real Estate Solutions Without Limits”. Our team will continue to highlight the importance of a diverse community.