Hispanic Homebuying Outpaces Other Populations. Will It Continue?
Almost half of Hispanic families own homes in the U.S., and they have been buying homes during this latest housing boom at a rate that far outpaces other populations.
The 2017 Trends report just released by the National Association of Hispanic Real Estate Professionals said Hispanic families are responsible for 59 percent of homeownership growth in U.S. over the past five years.
That may be slowing down.
Luis Gonzalez is a realtor in the West Valley covering Phoenix and Buckeye. In a rising price, rising interest-rate market, buyers have a tougher time getting a first house and for his clients, home ownership takes on a deeper meaning.
"Home ownership to them means security. You don’t have to move every year... and we’re seeing that be a little more difficult now with interest rates rising this year and home prices increasing as well," he said.
At 58.6 million, Hispanics account for more of the U.S. population growth than any other demographic.
EDITOR'S NOTE: This story has been updated to correct the spelling of Luis Gonzalez's name.