Hispanic house buying


Hispanic buyers have been a consistent source of strength in the housing market in recent years. Their buying power continues to grow as individuals enter their early 30s, the most typical years for first-time home buyers. Hispanics in the U.S. had a median age of 30 in 2019, which was about 14 years younger than the median age for non-Hispanic white Americans.

The Urban Institute projects that between 2020 and 2040, 70% of the net new homeowner households will be Hispanic. Over that same period, it projects white and Black homeownership rates to decline. This reflects the Hispanic population’s household formation growth and youth, said Laurie Goodman, co-director of the Urban Institute’s Housing Finance Policy Center.

Mary Arenas, a real estate agent in Houston, said about half her clients don’t speak English or prefer to speak with her in Spanish.

The typical home bought by a Hispanic household with a mortgage in 2020 had a value of $265,000. That was below the overall median U.S. existing-home price of $313,000 in February, according to the National Association of Realtors.

White households had a 73.1 percent homeownership rate in the second quarter of 2019, compared to 46.6 percent for Hispanic households and 40.6 percent for Black households.

From the WSJ

For an analysis of inequality in home ownership , go here.

 

Leave a Reply

Your email address will not be published.