According to an article that I recently read in Realtor Magazine, the Hispanic population makes up a very large and influential portion of our home buying and selling public, so I read the segment below with great interest. Though the government seems intent on spotlighting the barriers faced by specific segments of the US Population, that isn’t something I’ve noticed has actually been addressed yet. I’ll be curious to see what transpires. As for the Greater Phoenix area, the buying power of Hispanic households seems to be very positive and strong. ~Bill
— — —
Latino Homeownership Rate Breaks Away from the Pack in 2015
Commentary by Nayeli Pelayo
Latinos are transforming the housing market, according to NAHREP’s annual State of Hispanic Homeownership report, which highlights homeownership growth, household formation trends, purchasing power, educational achievements, entrepreneurial activity and labor force participation for the U.S. Latino population. Released March 15, the report indicates that Latinos are no longer an emerging market, but the driving force behind growth in homeownership in the U.S.
NAHREP’s report also provides the latest information on Latino attitudes and behaviors related to homeownership through a comparative analysis for 2015, with historical data as benchmarks for the industry. In addition, it will highlight Latino population growth in non-traditional markets and the growing cultural competency gaps in the country’s housing workforce. Each year, the report discusses the primary obstacles to Hispanic homeownership with recommendations on how the industry and government can best address them. Throughout the year, NAHREP uses the report to help guide industry leaders, policymakers and real estate and lending professionals to overcome these barriers.
According to the 2015 State of Hispanic Homeownership Report, Latino homeownership has begun to break from the pack by posting an improving homeownership rate, while the general population continues to trend negatively. In the 12 months ending on September 30 2015, the Hispanic homeownership rate increased from 45.6 to 46.1 percent. Comparatively, the rest of the U.S. population saw their homeownership rates go down from 64.4 percent to 63.7 percent during the same 12-month period. Last year’s report revealed Latinos had a purchasing power of $1.5 trillion, projected to grow to $2 trillion by 2020. Moving forward, Latinos represent one of the greatest growth segments in the housing market for the next decade and beyond.
The full State of Hispanic Homeownership Report was released at NAHREP’s 2016 Housing Policy and Hispanic Lending Conference at the Fairmont Georgetown in Washington, D.C., on March 15. A complimentary PDF copy of the report is available here.
Nayeli Pelayo is the Communications and PR director for NAHREP. For more information, visit www.nahrep.org.Reprinted with permission from RISMedia. ©2016. All rights reserved.
— — —
Thinking about buying a brand new home? Our New Construction Discount is perfect for you! Don’t visit construction sites without your agent. Representation is FREE and the sales person at the construction site works for the builder, not for you!
