Hispanic First-Time Home Buyers To Dominate Market Within 8 Years
Hispanic -Americans harbor different beliefs about homeownership as compared to the American population at-large.
According to national housing sentiment surveys :
- 56% of Hispanic-Americans believe that owning a home is a symbol of success. Just 32 percent of all Americans believe that.
- 68% of Hispanic-Americans believe that buying a home is a sound economic decision. Just 57 percent of all Americans believe that.
- 73% of Hispanic-Americans believe homeownership is a good path to building family wealth. Just 57 percent of all Americans believe that.
These survey results are one reason why analysts are calling for a "mega-boom" in housing between now and 2020. The emotional and financial appeal of homeownership is a strong one.
The Hispanic population in the United States more than tripled between 1980 and 2010, says the National Association of Hispanic Real Estate Professionals (NAHREP), and it's expected to grow even more this decade.
By 2020, Hispanic-American buyers will account for 50% of all first-time home buyers. It's no wonder NAHREP says that the Hispanic market is an "increasingly key market for homeownership".
However, with mortgage rates low today; and, home prices down; and, low-downpayment programs available to buyers that want it, it wouldn't be a surprise to see those homeownership stats reach their target prior to 2020.
2013 is expected to be a huge year for home purchases, for example, and buyers of all ethnicities are expected to take advantage.
If you're shopping for a home and want to see how today's mortgage rates fit your budget, get started with a rate quote.