{"id":5570,"date":"2012-05-30T03:00:18","date_gmt":"2012-05-30T10:00:18","guid":{"rendered":"https:\/\/www.movoto.com\/blog\/?p=5570"},"modified":"2012-05-30T03:00:18","modified_gmt":"2012-05-30T10:00:18","slug":"meet-the-neighbors-hispanic-home-buyers-skyrocketing","status":"publish","type":"post","link":"https:\/\/www.movoto.com\/blog\/meet-the-neighbors-hispanic-home-buyers-skyrocketing\/","title":{"rendered":"Meet the Neighbors: Hispanic Home Buyers Skyrocketing"},"content":{"rendered":"<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" title=\"Gerardo &quot;Jerry&quot; Ascencio\" src=\"https:\/\/s3.amazonaws.com\/movotoblog\/2012\/05\/Jerry+rough+draft+white.png\" alt=\"\" width=\"504\" height=\"355\" \/><br \/>\n<a href=\"https:\/\/www.movoto.com\/blog\/real-estate-and-more\/conozca-a-los-nuevos-vecinos-los-compradores-de-viviendas-hispanos-estan-aumentando-y-rapidamente\/\">En Espa\u00f1ol<\/a><br \/>\nIn a report released last month, the U.S. Census Bureau said in 2011 <a href=\"http:\/\/www.npr.org\/2012\/05\/17\/152892912\/census-minorities-surpass-whites-in-u-s-births\">minorities became a majority<\/a> of America\u2019s young. More than half of all infants born in the U.S. last year were minorities or multiracial.<br \/>\nMuch has been written about the report and the changing face of America. What we haven\u2019t seen is how this trend might affect the <a href=\"https:\/\/www.movoto.com\/\">real estate industry<\/a>. To tackle the questions we studied prominent reports to create a picture of the emerging Hispanic home buyer.<\/p>\n<h2>The Changing Face of the Home Buyer<\/h2>\n<p>Each year the National Association of Realtors releases the \u201cProfile of Buyers and Sellers,\u201d a comprehensive document that attempts to parse data from the previous year\u2019s housing market. Among that data is a breakdown of such things as the median age of a home buyer and median income.<br \/>\nIt is, quite literally, a wealth of information for anyone interested in the real estate market.<br \/>\nAmong the information NAR gathers and releases is data on the <a href=\"https:\/\/www.movoto.com\/neighborhood.aspx\">race\/ethnicity<\/a> of first-time and recurring home buyers. It shouldn\u2019t come as a surprise that whites make up the majority of home purchases\u2014about 85 percent.<br \/>\nIt\u2019s the remaining home buyers\u2014those that make up the other 15 percent\u2014we are concerned with. When broken down NAR\u2019s data showed in 2011:<\/p>\n<ul>\n<li>Black\/African-American made up 6 percent of home buyers;<\/li>\n<li>Hispanic\/Latino made up 6 percent of home buyers;<\/li>\n<li>Asian\/Pacific Islander made up 4 percent of home buyers; and<\/li>\n<li>Other ethnicities\/races made up 2 percent.<\/li>\n<\/ul>\n<p>These numbers were fairly consistent when compared to the same data for 2010.<br \/>\nNevertheless, the figures represent all home buyers; this includes first-time home buyers and repeat buyers. If we look deeper a trend emerges&#8211;an increase in Hispanic first-time home buyers.<\/p>\n<h2>The Growing Hispanic Mega Market<\/h2>\n<p>When first-time home buyers and repeat buyers are separated into two categories there is a different story. While whites still made up the majority of first-time home buyers, the percentage is smaller. About 75 percent of first-time home buyers self-identify as white.<br \/>\nThe next largest group was Hispanic\/Latino home buyers, which made up 11 percent of all first-time home buyers. This was in an increase of 38% percent over 2010 figures.<br \/>\n\u201cThe rapidly growing U.S. Hispanic population is entering the housing market in increasing numbers,\u201d said Movoto founder and CEO Henry Shao. \u201cAs this segment of the population makes up an ever larger percentage of home buyers, the real estate industry will need to adapt. This is why Movoto has partnered with a network of top-rated, Spanish speaking agents around the country.\u201d<br \/>\nWhat can we take from this? First-time Hispanic home buyers are on the rise.<\/p>\n<h2><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" title=\"Race of First-time Home Buyers\" src=\"https:\/\/s3.amazonaws.com\/movotoblog\/2012\/05\/race-firsttimebuyers.png\" alt=\"\" width=\"564\" height=\"341\" \/>Why are there more so many Hispanic home buyers?<\/h2>\n<p>The <a href=\"http:\/\/nahrep.org\/\">National Association of Hispanic Real Estate Professionals<\/a> (NAHREP) stated in a recent report the Hispanic population in America has expanded 3.5 times between 1980 and 2010. This means that since 1980 every two out of five people added to the U.S. population were Hispanic.<br \/>\nWe can look at it another way, too. Between 2000 and 2009 there was a significant difference in the number of births in the country, especially between whites and Hispanics. During this time whites had 1.1 births for every death, while Hispanics had 8.9 births for every death.<img loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" title=\"Birth to Death Ratio\" src=\"https:\/\/s3.amazonaws.com\/movotoblog\/2012\/05\/ratio-birthstodeaths.png\" alt=\"\" width=\"600\" height=\"344\" \/><br \/>\n\u201cBecause of such population increase, Hispanics were responsible for most of the overall population growth in the country over the past decade,\u201d the NAHREP wrote in its <a href=\"http:\/\/nahrep.org\/state-of-hispanic-homeownership\">&#8220;2011 State of Hispanic Homeownership&#8221;<\/a> report. \u201cThis continued population trend is expected to provide a strong labor pool, a driving force in the economy, and an increasingly key market for homeownership.\u201d<br \/>\nIn addition, the San Diego-based not-for-profit claimed that over the next 10 years, Hispanics are expected to account for 40 percent of the estimated 12 million net new households, with minorities comprising 70 percent of total growth.<br \/>\nThose are lofty figures.<br \/>\n<a href=\"http:\/\/www.ascencio.com\/\">Gerardo &#8220;Jerry&#8221; Ascencio<\/a>, NAHREP\u2019s president, told Movoto there are a number of reasons for this market trend. In general he said Hispanics:<\/p>\n<ul>\n<li>Are reaching the age of household formation;<\/li>\n<li>Have a high birthrate;<\/li>\n<li>Have high purchasing power; and<\/li>\n<li>Are more excited to buy homes.<\/li>\n<\/ul>\n<p>\u201cThe Hispanic community is still very excited about purchasing their own home,\u201d Ascencio said. \u201cFor the Hispanic community purchasing a piece of property is much more than purchasing property, it\u2019s a way of saying, \u2018I have arrived.\u2019\u201d<br \/>\nPart of this trend stems from the increase in Hispanic purchasing power. Ascencio said in the next 48 months the country will see a 50 percent increase in Hispanic purchasing power. Put into a dollar figure, there will be an increase from $1.1 trillion to $1.6 trillion.<\/p>\n<h2>High Aspirations: Socioeconomic Reasons Behind the Trend<\/h2>\n<p>In addition to the increase in population and purchasing power, there are socioeconomic reasons.<br \/>\nAmong the factors NAHREP used to point to the potential rise of the \u201c<a href=\"https:\/\/www.movoto.com\/market-statistics.aspx\">Hispanic Mega Market<\/a>\u201d are surveys that indicated, in general, Latinos are more motivated than the general population to purchase a home\u2014for emotional and financial reasons.<br \/>\n\u201cNobody in the Hispanic community dreams and aspires to be a tenant,\u201d Ascencio said.<br \/>\nFor example:<\/p>\n<ul>\n<li>56 percent of Hispanics consider owning a home a symbol of success compared to only 32 percent of all Americans.<\/li>\n<li>68 percent of Hispanics are more likely to believe purchasing a home is a good financial opportunity, while only 57 percent of all Americans think the same.<\/li>\n<li>73 percent of Hispanics believe owning a home is a good way to accumulate wealth that can be passed to their families, compared to 57 percent of all Americans.<\/li>\n<\/ul>\n<p>Ascencio said in many ways this emerging market has been overlooked, partially because of the housing crisis, and the focus on the loss of equity.<\/p>\n<h2>A Generation in Line<\/h2>\n<p>The story of the housing collapse is well worn. After years of excess the bubble collapsed in on itself and overnight homeowners were underwater. Ascencio argued there is a second story, a generation waiting in line that is just now beginning to emerge.<br \/>\n\u201cThat new generation, that is untapped, is ready to jump in now, and that\u2019s why there is so much excitement about this,\u201d Ascencio said. \u201cThis population has been under served. The American dream is still very vibrant in the Hispanic heart.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p><img decoding=\"async\" class=\"excerpt\" title=\"Race of First-time Home Buyers\" src=\"https:\/\/s3.amazonaws.com\/movotoblog\/2012\/05\/race-firsttimebuyers.png\" alt=\"Race of First-time Home Buyers\" \/> Much has been written about the report and the changing face of America. What we haven\u2019t seen is how this trend might affect the <a href=\"https:\/\/www.movoto.com\/\">real estate industry<\/a>. To tackle the questions we studied prominent reports to create a picture of the emerging Hispanic home buyer.<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[51],"tags":[],"class_list":["post-5570","post","type-post","status-publish","format-standard","hentry","category-local-scene","post--single"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.1.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Meet the Neighbors: Hispanic Home Buyers Skyrocketing<\/title>\n<meta name=\"description\" content=\"A look at how the emerging Hispanic market will affect the real estate industry.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.movoto.com\/blog\/meet-the-neighbors-hispanic-home-buyers-skyrocketing\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Meet the Neighbors: Hispanic Home Buyers Skyrocketing\" \/>\n<meta property=\"og:description\" content=\"A look at how the emerging Hispanic market will affect the real estate industry.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.movoto.com\/blog\/meet-the-neighbors-hispanic-home-buyers-skyrocketing\/\" \/>\n<meta property=\"og:site_name\" content=\"Movoto Blog\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/MovotoRealEstate\/\" \/>\n<meta property=\"article:published_time\" content=\"2012-05-30T10:00:18+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/s3.amazonaws.com\/movotoblog\/2012\/05\/Jerry+rough+draft+white.png\" \/>\n<meta name=\"author\" content=\"Movoto\" \/>\n<meta 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