Christina Diaz-Malone | freddiemac.com
If you are wondering who tomorrow’s homebuyers will be, look no further than the nation’s fastest-growing population segment – Hispanics.
With population growth that is expected to more than double to about 128 million by 2060 , Hispanics are poised to lead housing demand in the coming years. Their influence can already be seen when you consider the number of Hispanic households owning their homes grew by 59 percent between 2000 and 2013 – compared to an increase of just 8 percent for total owner households. Look ahead just a few years and Hispanics are expected to account for up to 40 percent of all new households by 2025.
Beyond sheer population growth driving housing demand, Hispanics also have a strong desire for homeownership. For Hispanic families, homeownership is a source of pride, freedom, and safety. They also see owning a home of their own as a good financial investment and, more importantly, a good place to raise a family and plant roots in a community. As such, Hispanics are more likely than the general population to consider buying a home in the next few years.
To prepare this rising and influential generation of Hispanics for successful homeownership and to help them overcome barriers they may face to achieve it, we are working closely with housing counselors, non-profits, and other organizations in three important ways:
