Study Reveals Fastest-Growing Real Estate Clients
June 21, 2011
Minorities and immigrants will drive growth in housing demand in coming years, a new study reveals. Within the next 15 years, researchers say they expect this population segment to drive demand for condominiums, smaller starter homes, and first trade-up homes.
Also, this growing demographic is expected to represent a rapidly growing segment of the middle and middle-upper markets for housing, finds a new report, “The State of Hispanic Homeownership,” by the National Association of Hispanic Real Estate Professionals.
“The Latin boom has been forecasted for years but we are now seeing the front edge of it and it has the potential to help the nation’s housing system get back on track if we can create a safe credit environment for new buyers to get into the market,” says Carmen Mercado, NAHREP president.
Hispanics make up the largest minority group in the country and represent a significant portion of the 26 to 46 age group most involved in home sales.
Plus, Hispanics tend to value home ownership more than other demographics. For example, according to a recent study, 57 percent of Hispanics say they consider owning a home a symbol of success compared to 33 percent of all Americans.
Source: “NAHREP Report: Latinos, First-time Homebuyers Are Key to Housing Recovery,”RISMedia (June 20, 2011)
Updated: August 11, 2020