Some housing experts say a “mega-boom in home ownership” is brewing as Hispanic Americans look to join in home ownership. Indeed, Movoto, a real estate brokerage in San Mateo, Calif., predicts Hispanics will make up half of new home buyers nationwide by 2020.
The growth in that time frame is expected to be big, considering that currently 75 percent of first-time home buyers are white and only 11 percent are Hispanic.
But observers say that with Hispanics’ birth rates and purchasing power drastically increasing, Hispanics are expected to be a powerful force in real estate in the coming years.
More than half of all infants born in the United States last year were minorities or multiracial, according to U.S. Census data. Hispanics account for 8.9 births for every death, while whites have 1.1 births for every death. The Hispanic population in the United States has more than tripled between 1980 and 2010, according to the National Association of Hispanic Real Estate Professionals’ data.
“In general, Hispanics hold fast to the American dream,” states a recent article at Forbes. “According to national housing surveys, despite worries over jobs and the economy, they are more eager to become home owners for both emotional and financial reasons.”
The author of this article is: realtormag.realtor.org
See the original post at: http://realtormag.realtor.org/daily-news/2012/06/06/hispanics-make-up-half-new-buyers-2020
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