All research points to Hispanic consumers having an outsized effect on the U.S. housing market in the coming years.
Hispanics are the fast-growing group of homebuyers in America, and they will hold significant sway over where our housing market progresses in the coming years.
Courtesy of an excellent new report from Freddie Mac, here are some of the main details to know when it comes to Hispanics and homeownership:
1. Seriously – They’re Fast – We weren’t parsing our words when we said that Hispanics are the nation’s fastest-growing group of homebuyers. Consider this stat: from 2000 to 2013, the total number of households grew 8 percent; by contrast, the number of Hispanic households grew 59 percent.
2. A Bigger Share of the Pie – Moreover, Hispanics are poised to take up a huge share of the household pie in the coming years; between 2015 and 2025, U.S. households will grow by 12 million, and Hispanics will account for 40 percent of that growth.
3. Poised for Growth – One key detail to Hispanics is their relative youth. Though the median age of Caucasians in America is 42.6, the median age of Hispanics is just 27.7, meaning that the demographic holds enormous potential for homeownership in the next two decades.
4. Diverse Influence – Finally, though Hispanic homebuyers have been historically located in California, New York, Texas, Florida, New Jersey and Illinois, the fastest growing states for Hispanic homeownership from 2000 to 2011 were Alabama, South Carolina, Tennessee, Kentucky, South Dakota, Arkansas, North Carolina, Mississippi, Maryland and Georgia.