Do You Know Who is the Largest Segment of Buyers?
Daily Real Estate News | Tuesday, November 29, 2011
Hispanic households account for more than half of the nation’s home owners, HousingWire reports.
During the third-quarter, a total of 545,000 new household units were formed—53 percent of which were Hispanic households and the remaining 47 percent making up other minority groups and whites.
From the second quarter to third quarter, the number of Hispanic households grew from 6.21 to 6.49 million alone, according to Census Bureau data.
What’s more, Hispanic’s purchasing power in home ownership has more than doubled from 2000 to 2010, according to the National Association of Hispanic Real Estate Professionals.
"Hispanics are now helping struggling local economies across our nation through population growth and purchase power,” NAHREP President Carmen Mercado told HousingWire. “We believe these same dynamics will be a driving force in the resurgence of the housing market in the near term.”
Indeed, 57 percent of Hispanics in a housing survey say they consider owning a home a symbol of success, compared to 33 percent of all Americans, according to a Fannie Mae 2010 third quarter survey.