U.S. Hispanics will drive growth in U.S. housing demand due to their population size, age and greater propensity to be married with children, according to a new report issued by the National Association of Hispanic Real Estate Professionals (NAHREP).
The report, "The State of Hispanic Homeownership," predicts that this demographic will drive demand for condominiums, smaller starter homes and first trade-up homes in the next 15 years. NAHREP adds that these demographics will also represent a "rapidly growing segment of the middle and middle-upper markets for housing."
NAHREP notes that Hispanics are the largest minority group in the nation and represent a significant portion of the 26- to 46-year old age group that are involved in most home sales.
"The Latin boom has been forecasted for years, but we are now seeing the front edge of it," says Carmen Mercado, president of the NAHREP. "It has the potential to help the nation's housing system get back on track if we can create a safe credit environment for new buyers to get into the market."
Mercado adds that it is crucial for housing policy to focus on encouraging affordable housing. "In the climate of crisis, we must resist over-reaching with regulations that make homeownership more expensive for millions of responsible consumers who have the buying power to revitalize our fragile housing market," she says.
Full Report Available
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