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The State of Hispanic Homeownership

Hispanic Father and Son in Front of Their New Home with Sold Home For Sale Real Estate Sign.This month the National Association of Hispanic Real Estate Professionals (NAHREP) released their annual State of Hispanic Homeownership Report for 2013. A 35 page report designed to highlight “the homeownership growth and household formation rates of Hispanics as well as their educational achievements, entrepreneurial endeavors, labor force profile, and purchasing power in the United States”.

This report is full of great information and you should download it and read all 35 pages. In this blog post, I will mention a few facts that, in my opinion, are relevant to all of us:

Household formation

  • Since 2010, Hispanics have accounted for a net increase of 559,000 owner households, representing 56 percent of the total net growth of owner households in the U.S.
  • The number of Hispanic households has grown from 9.2 million in 2000 to 14.7 million in 2013, an increase of 5.5 million, representing a growth rate of 60 percent.
  • Four out of 10 new households between 2010 and 2020 are expected to be Hispanic.
  • By the end of the decade, Hispanics alone will account for approximately five million net new households, out of an estimated 12 to 14 million net new households in the country.

Hispanic Millennials

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Hispanic Millennials & Housing

Nielsen recently released their report “Millennials – Breaking the Myths” and today I want to focus on the information reported about Hispanic Millennials.

Of the 77 million Millennials, 19% are Hispanic. This group (age 18-36) is the most racially and ethnically diverse than any previous generation. According to this report, Nielsen expects the Hispanic population to grow by 167% by 2050.

Millennials are 14% first generation, and 12% second generation Americans, keeping strong ties to their home country, culture and language. For example:

1. 63% of the Millennials feel it is their responsibility to care for an elderly parent, according to Nielsen: “this is partially tied to the ethnic diversity of the generation. Typically ‘Hispanic and Asian Americans’ have cultural expectations that elderly family members will be cared for by the younger generations.”

This can help you to understand why when a Hispanic Millennial is looking for a home, they are requesting that extra bedroom.

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Nuevo Latinos: “A Commitment to Culture and Success”

“We come in peace…but we have you surrounded”.

Cheech Marin, referring to the massive population growth of Latinos in America

iStock_000026869057SmallEver since the 1980’s people have predicted that Latinos would be the “next big thing.” Most of those predictions have panned out. There are a lot of us here, so the population and household formation numbers have met or exceeded those early estimates. From a business standpoint, Spanish language television has fared extremely well, but in terms of overall economic and political advancement; it has never really felt like things were materializing like many of us had hoped.

In part one of my blog series, I explained why I believe the Latino phenomenon is changing in a big way and introduced my concept of the Nuevo Latinos. I shared some of the positive trends I have observed in my own circle and with a number of prominent Latino leaders. I also explained how these well­‐known individuals are guiding the Latino masses to greater heights and possibilities. In part two I will dig deeper in defining exactly what makes a Nuevo Latino and further illustrate why they are such a transformational force.

What makes someone a Nuevo Latino?

A Nuevo Latino is a state of mind and is my own characterization for successful and assimilated American Latinos who love their culture and who have a basic understanding of the exceptional political and economic power that Latinos have today.

Let me break it down to a few bullets:

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Latinos & New Year’s Resolutions

12 GrapesWith their preparation for the holidays the Latino culture also prepares for some rituals, customs and traditions that are going to help to augur a New Year. Depending on the country or origin these traditions may vary, but one of the most commons in general is the 12 grapes and the 12 wishes. At 12 o’clock (or midnight), with the 12 chimes of the clock they will eat 12 grapes while asking for their 12 wishes. But what does this have to do with real estate?

One of those 12 wishes, you will have the opportunity to help to fulfill. The wish to buy a new home!

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The Importance of the Latino Market in RE

Hispanic Father and Son in Front of Their New Home with Sold Home For Sale Real Estate Sign.Fannie Mae's National Housing Survey examined the attitudes among the Hispanic population toward homeownership, getting a mortgage and the expectations for future homeownership, in order to have a better understanding of the potential impact of this fast-growing population on future homeownership demand.

In their report “Hispanics: A Key Driver of Future Homeownership Demand” they show that “Hispanic expectations for buying in the next three years are an encouraging sign for the ongoing housing market recovery.”

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