With 2021 marking the 6th year in a row that Hispanic homeownership has increased, understanding this population should be on every real estate professional’s radar. September 15th through October 15th also marks National Hispanic Heritage Month, making it a perfect moment to discuss the growth in Hispanic homebuyers. Just as Millennials and Generation Z bring something new to the table, so do Hispanic homebuyers.
Hispanic is a term to describe those who have ancestry from a Spanish-speaking country. In contrast, Latino refers to anyone who is from or descendent of a Latin American country. This large group of homebuyers has unique qualities that set them apart from other ethnic groups.
Providing Spanish-language materials is not the only consideration as they proceed into homeownership. They face different challenges than others when it comes to financing a home. They gravitate toward areas with a higher cost of living and value having space for their extended family members. They were also adversely affected by the pandemic when compared to their non-Hispanic counterparts.
Learning more about this unique group of homebuyers is elemental to understanding the future of real estate as we know it. They’re going to account for more than 70 percent of the growth in homeownership in the next 20 years.