According to the ‘2011 State of Hispanic Homeownership Report,’ released this week by the National Association of Hispanic Real Estate Professionals (NAHREP), demographic forces are aligning with Latinos poised to take center stage as a ‘mega force’ in housing.
Latinos filled 1.4 million, or 60%, of the 2.3 million jobs added to the economy in 2011, are expected to account for 40% of the estimated 12 million new households over the next 10 years, and their collective purchasing power is expected to jump 50% by 2016.
Moreover, Hispanic homeownership grew by 288,000 units in the third quarter of 2011, accounting for more than half the total growth in owner-occupant homeownership in the U.S. Hispanic real estate leaders say that although this is just a short-term indicator, it is an example of what's to come as Latino echo boomers move from renting to homeownership.
The report, which includes policy recommendations from Hispanic real estate leaders, can be found HERE.