Report: Hispanics to Shape Future Housing Demand
March 27, 2013
Hispanics leads the surge in U.S. home ownership and also make up the fastest-growing group of first-time home buyers, according to the 2012 State of Hispanic Homeownership Report published by the National Association of Hispanic Real Estate Professionals. Hispanics accounted for 51 percent of the total net increase of the 693,000 owner households.
The number of Hispanic home owners has grown over the past 12 years. In 2000, there were 4.24 million Hispanic home owners, and by 2012 that number grew to 6.69 million, according to the report.
Hispanics lead population growth in America and have accounted for more than half of the U.S. population increases over the past 10 years.
Surveys have also shown that Hispanics place a strong value on home ownership. Fifty-six percent of Hispanics surveyed say that a main reason to purchase a home is because it represents a symbol of success or achievement that compares to 32 percent of all Americans.
“It is critical to understand the demographic trends which are likely to impact housing demand in the years ahead,” says Mike Fratantoni, vice president of research and economics for the Mortgage Bankers Association. “This report provides information for lenders, builders, and policymakers regarding the future shape of housing demand, which will be substantially impacted by the housing choices of Hispanic households.”
Source: “NAHREP Report: Hispanics Lead First-Time Homebuyer Purchases, Though Scarce Inventory and Unfair Conditions Keep Most on the Sidelines,” RISMedia (March 26, 2013)
Updated: October 15, 2019