· Consumerism: The purchasing power of Hispanics is estimated to grow to $1.5 trillion by 2015, a $500 billion increase from 2010.
· Homeownership: Since 2010, Hispanics have accounted for a net increase of 559,000 owner households, representing 56 percent of the total net growth of owner households in the U.S. Hispanics also comprise 47 percent of the total net growth of homeowners since 2000. They are also more likely than the general U.S. population to prefer owning a home.
This year’s report, which was researched and produced by NAHREP, augments Census and market data on the Hispanic real estate market with anecdotal observations from its members who primarily work with Hispanic first-time homebuyers. In a 2014 NAHREP survey, members said that Hispanic homeownership growth would have been stronger if homes were available to purchase. Forty-two percent of members said the present housing inventory shortage was the number one barrier to homeownership for their clients. While 40 percent said they had more than five active clients who have been unable to find a suitable home or get an offer accepted.
“Latinos are natural born entrepreneurs. Homeownership is the cornerstone of economic opportunity that enables our families to fund businesses and move forward. We must remove all barriers now and enable the new generation of Latinos to invest in the American Dream of homeownership,” said Frank Herrera, Chairman of New America Alliance, a nonprofit that promotes Latino leadership, entrepreneurship and access to capital in the Latino community.”
For more information, visit www.nahrep.org.