Home >> Daily Dose >> Reaching Out to Hispanic Homebuyers
Print This Post Print This Post

Reaching Out to Hispanic Homebuyers

HousingHispanic homeownership has not yet bounced back from the Great Recession, according to new data. Using data from Zillow and the July 2019 Census data, eMarketer found that U.S. Hispanic homeownership rate has yet to regain the 50.1% peak it reached in 2007.

“Hispanics consistently indicate aspirational goals toward homeownership,” said David Acosta, 2019 president of the National Association of Hispanic Real Estate Professionals (NAHREP). “At a median age of 29, Hispanics are younger than the overall median US age and are [coming] into their prime home-buying years. With time, opportunity and information, more Hispanics will seek out homeownership as a key opportunity for improving their overall quality of life.”

According to Acosta, multigenerational households influences Hispanics approach to homeownership.

“Hispanics are more likely than non-Hispanics to live in multigenerational households or to otherwise experience homeownership as part of an extended family,” Acosta said. “Culturally, this factor means that saving for a down payment can be a family affair, which means multiple adults in a household contribute to the household expenses.”

Hispanics are largely a suburban group, and 59% of Hispanics in large metro areas living in suburbs. A September 2018 report on the New Geography website said just 17.4% of Hispanics lived in the “urban core.” Hispanic net worth still remains below the national average, in part due to historically inherited wealth.

“Intergenerational wealth transfer plays a large part in increasing household wealth, and while Hispanics have less inherited wealth overall than non-Hispanic white households, this too is changing,” Acosta said, adding that “the appetite and enthusiasm for homeownership remains strong.”

“Marketing engagement of companies targeting Hispanic home buyers continues to be an area of opportunity ... because the content tends to lack cultural context,” Acosta said. “Marketers often mistake Spanish language proficiency for preference—spending resources on a Spanish-language strategy instead of on a market-specific, segmented Hispanic engagement strategy. Companies that address consumers in-culture, as opposed to defaulting to in-language, will win with Hispanic home buyers.”

About Author: Seth Welborn

Seth Welborn is a Harding University graduate with a degree in English and a minor in writing. He is a contributing writer for MReport. An East Texas Native, he has studied abroad in Athens, Greece and works part-time as a photographer.
x

Check Also

Sprout Mortgage Names CCO

Sprout Mortgage has announced that Gregory Walker has joined the company as Chief Compliance Officer and General Counsel, reporting directly to Michael Strauss, President.

GET THE NEWS YOU NEED, WHEN YOU NEED IT.

With daily content from MReport, you’ll never miss another important headline in originations, lending, or servicing. Subscribe to MDaily to begin receiving a complimentary daily email containing the top mortgage news and market information.