A new report finds that Hispanics can be the driving force behind the country’s housing recovery. The National Association of Hispanic Real Estate Professionals (NAHREP) released “The 2011 State of Hispanic Homeownership” report, which found eight key findings on how Hispanics play a role in the housing recovery.
The report examines how demographic patterns among Hispanics shape the homebuyers market. Based on the analysis Hispanics are a “mega buying force.”
These are the key findings from the “The 2011 State of Hispanic Homeownership” report:
In 2011, Hispanic purchasing power was estimated to be $1.1 trillion and is expected to grow by nearly 50 percent to $1.6 trillion by 2016.
2. Hispanic growing population
From 2000 to 2009, whites had 1.1 births for every 1.0 death, while Hispanics had 8.9 births for every death.
In 2010, 32 percent of young Hispanics were enrolled in college, up from 22 percent in 2000. The number of Hispanics enrolled in college grew by 349,000, or 24 percent increase, compared to a decrease of 320,000 young non-Hispanic whites in 2010.
4. Hispanics’ attitude toward homeownership
Hispanic homeownership grew by 288,000 units, accounting for more than half the total growth in homeownership in the United States in the third quarter of 2011 when homeownership rose to 66.3 percent overall.
5. Hispanics are mobile
Hispanics are willing to relocate where employment is available.
6. Desire for homeownership
Hispanics strongly aspire to become homeowners despite concerns over jobs and the economy. The study found that two in three Hispanic renters maintain high aspirations for owning a home.
7. Growing consumer market
The Hispanic market made up over 50 percent of real growth in the U.S. consumer
economy from 2005 to 2008. During that time there was $52 billion in new Hispanic spending compared to $40 billion in new spending by non-Hispanics.
Of the 2.3 million jobs added to the economy in 2011, 1.4 million, or 60 percent, were filled by Latinos. According to the report, 66.7 percent of all working-age Latinos are employed.