US Real Estate: Hispanics Seen to Dominate Property Buyers’ Market

Real estate experts see Hispanics leading the pack of home buyers in the U.S.

When it comes to real estate, pundits are always speculating about who will comprise the next wave of buyers. From millennials to retirees, even foreigners like the Chinese, the talk is always about where the money will come from. According to Inman, while these demographic help boost the property buying scene in America, there is no actual indication that they are ready to carry the burden in the coming years.

A closer look at the current makeup of the U.S. population will reveal that the rapidly increasing number of Hispanics make them the ideal candidates to take over the shopping duties for the next generation of homeowners. And they have the necessary qualities needed to make them the perfect candidates; they are extremely hard working and they are excellent citizens with many of them avid believers of the American dream.

In a report by the National Association of Hispanic Real Estate Professionals or NAHREP, Hispanics are responsible for 40 percent of the overall growth in the housing market and there are still 672,000 of them who either rent their homes or have the capacity to purchase their own. The Urban Institute also points to a significant increase of new homeowners in the next five years and Hispanics will comprise about 55.5 percent of it.

Meanwhile, according to Fox News, the number of unemployed Hispanics dipped a little to 6.3 percent in December with many Americans finding jobs. The Department of Labor reported that there were 292,000 jobs made available at the end of 2015 which is a strong indicator that the U.S. economy is buckling down amidst the weakening of the global economy. Despite the drop in the unemployment rate of Hispanics, they still rank second in the number of most unemployed. Black Americans rank as the highest with 8.3 percent and the whites complete the top three at 4.5 percent.