September 15 marks the beginning of National Hispanic Heritage Month, which runs through October 15 and celebrates the rich culture, history, and contributions of Hispanic Americans.
All month long, Realtor.com®’s employee resource group Formation will be acknowledging and celebrating Hispanic Heritage Month by spotlighting their personal stories about what it means to be Hispanic in the U.S. and by highlighting music, fashion, traditional cocktails, and more.
As a member of the Formation ERG, I know that inclusion, diversity and belonging are fundamental to our company’s core values and how we approach our work. That’s why Realtor.com® proudly honors and recognizes the many diverse communities we serve, including those in the Hispanic communities, and why our tagline “To each their home” or “A cada quien su casa,” underscores our commitment to helping all buyers find their own path to homeownership.
Hispanic buyers leading homeownership growth
While Hispanic homeownership still lags behind non-Hispanic white homeownership, Hispanic buyers are a prominent force in the U.S. housing market and are about to take over as the nation’s dominant group of homebuyers. A recent report from the Urban Institute found that the Hispanic community is the only demographic in the U.S. projected to increase their rate of homeownership between 2020 to 2040, which is expected to rise from 49 percent to 51 percent; homeownership rates among all other racial groups are expected to decrease during that time frame. With Hispanic homebuyers comprising 70% of homeownership growth for the next two decades, the community will serve as the growth engine of American home buying.
Who are today’s Hispanic homebuyers?
The Hispanic community is the youngest ethnic group in America and many are in prime home buying age. That’s the most significant contributor to the strong growth in their homeownership rate. To find out more about today’s Hispanic homebuyers, Realtor.com’s Economics team took a closer look at this demographic in their newly published 2021 Hispanic Homebuyer Profile.
Here are a few key takeaways from the report:
Today’s Hispanic homebuyer is young, with 55% under the age of 35 compared with just 37% of the overall homebuyer population in this age range
Almost half (49%) of Hispanic buyers live in urban areas, while 42% live in suburban communities
47% reported incomes over $50,000 a year, with 21% earning over $100,000 a year
Mirroring broader trends, Hispanic buyers are searching for a 3-bedroom home, with 2.5 bathrooms
Approximately 60% of Hispanic buyers are looking for homes priced at $350,000 or less
60% of Hispanic buyers plan to move away from their current city or town
Hispanic buyers seek homes that are near extended family, and also spaces that can accommodate extended family either full- or part-time.
Want to learn more about the Hispanic community and homeownership? Check out the Realtor.com Economic team’s other reports, the Hispanic Home Sellers Profile and Hispanic New Homeowner Profile.
At Realtor.com®, we believe every person should have the opportunity to create a home that reflects who they are and what is important to them. That’s why we’re working hard to make the homebuying process simpler and easier to understand and by meeting the needs of Spanish-speaking home shoppers through education and site tools in their preferred language.
Serving Spanish-speaking buyers, sellers and renters
Our Spanish-language guides are a helpful resource for those preparing to buy a home. Check out our First Time Home Buyers Guide to find out what it takes to buy your first home, from beginning to end.
Once you’ve learned about the homebuying process and what you can expect, start your home search on our Spanish-language landing page, realtor.com/espanol.
And if you are looking for an experienced local real estate professional with Spanish-language proficiency and experience working with consumers of diverse backgrounds, browse our directory of agents at realtor.com/realestateagents/es.
Stay tuned for more, we hope to have more great resources become available in Spanish so that we can continue to educate and engage the growing audience of Hispanic homebuyers.