Hispanic Buyers Are Boosting The Housing Market

The homeownership rate for Hispanics has jumped in recent years, a fact that could buoy the housing market for years, according to a recent Wall Street Journal article.
Just three years ago, the homeownership rate for this group had fallen to a 50-year low. But now, recent Census data shows that it has risen 3.3% since then, surpassing the overall homeownership growth rate of 1.3%.
And, while Hispanics comprise just 18% of the population, they accounted for about 63% of homeowners gains in the last 10 years, the article states.
The article attributes the spike to gains in income and education among this demographic, as well as a familiarity with the U.S. mortgage market and a large population of Millennial homebuyers.
The WSJ highlights the fact that Hispanics and other minority groups were hit especially hard when the housing market went bust more than a decade ago, and that some groups, like African Americans, have had trouble rebounding.
Hispanics and other minority groups have been challenged by a lack inventory and affordability in the starter-home category, which has been especially true in major cities where Hispanics are concentrated, as well as down payment requirements.
But the WSJ notes that many lenders have recognized the opportunity here, tailoring their offerings to accommodate Hispanic buyers.
“Local and national lenders have courted a Hispanic clientele, who represent an appealing growth market as overall loan volume has slowed,” the article states. “Lenders have added Spanish-speaking loan officers and devoted additional resources to underwriting loans to borrowers who are self-employed or where multiple generations in a family are buying a home together.”
But, despite what the WSJ describes as “a growing population of young Latinos increasingly eager to buy homes,” the homeownership rate for this group remains well below non-Hispanics – 47% compared with 73% in the first quarter of the year.

Comments

Post a Comment

Popular posts from this blog

Crucial Coronavirus Cleaning Tips: How To Keep Your Home Germ-Free During the Pandemic

Image
How long the virus survives—and where it thrives The novel coronavirus can survive on surfaces anywhere from hours to days. The latest information is that it can last 24 hours on cardboard, 48 to 72 hours on plastic, and 48 to 72 hours on stainless steel, says  Dr. Reuben Elovitz , internist and CEO at  Private Health Dallas , who cited a recent study from the  New England Journal of Medicine . The duration also depends on a few other factors, like temperature and whether a surface is prone to holding moisture. “Wooden handles, for example, are more likely to be damp than metal under normal conditions—and damp conditions can enable many infectious agents to thrive,” explains molecular biologist  Dr. Tracey Evans . “ Furthermore, a warm room is more favorable for many pathogens than a cold one.” Regardless of what kinds of temperatures and surfaces you have in your home, there are things you can do to keep these dangerous pathogens at bay. Ditch germs at ...
Read more

7 Ways to Create a Neighborly Front Yard

Image
1. Shade the Sidewalk Consider placing a tree where it will shade the sidewalk to help create a pleasant environment and encourage walking and visiting among neighbors. Trees provide rain and sun protection, and temperature differentials of 5 to 15 degrees are felt when walking on tree-canopied streets. In urban areas trees help mitigate the  heat-island effect  and provide a connection to nature. Most cities require permits for adding trees to a parkway (or hell strip), but permits are not usually required for planting on private property. Sean Papich Landscape Architecture 2. Set the Fence Back Placing a low fence or wall back a few feet from the edge of the sidewalk allows room for planting, and plants provide visual interest for pedestrians. In addition to cheerful  daisies  like these, velvety plants such as  lamb’s ears  ( Stachys byzantina ;   USDA zones 4 to 9;  find your zone ) would work well. June Scott Design ...
Read more

What’s New in Outdoor Lighting Design

Image
Linear Lighting There’s a trend toward the more extensive integration of lighting with modern hardscape elements. Sleek, minimalist linear step lighting illuminates a path while keeping light fixtures hidden from view. It also enables you to more easily highlight an architectural feature, such as stairs or a freestanding wall.  ZEN Associates, Inc. Laurie Ghielmetti Floating Structures Another trend is placing lights beneath landscape structures, creating the illusion that they are floating-- light is hidden to visually float steps, benches, bridges and other outdoor landscape elements. dSPACE Studio Ltd, AIA BEGA North America Sleek, Modern Fixtures A big trend is to use path lights that look more architectural, rather than the traditional flower or mushroom shapes. Pistils Landscape Design + Build Nightfall Landscape Lighting Low-Voltage Lighting While low-voltage lighting is not necessarily a new concept,...
Read more