Buying Power: Hispanics fastest growing group of first-time homebuyers

Hispanics are making strong gains in homeownership and not only lead first-time homebuyer purchases, but are also forming households at the fastest rate, according to the 2012 State of Hispanic Homeownership Report released recently by the National Association of Hispanic Real Estate Professionals (NAHREP).

Hispanic homeowners have become a driving force in the market with their numbers growing from 4.24 million in 2000 to 6.69 million in 2012, an increase of 58 percent, NAHREP reports. But scarce inventory in some markets is becoming a factor in their ability to buy, said NAHREP President Juan Martinez.

“Their biggest obstacle now coming into the market isn’t the credit crunch, it’s the lack of available housing to purchase. They will play an increasingly significant role in the nation’s home purchase market, if conditions permit,” Martinez said in a news release.

And in today’s Chicago Tribune, columnist Mary Umberger interviewed Gary Acosta, executive director of the trade group, for more on NAHREP’s report. Read her column, “Hispanic homebuyers a driving force in housing.”

 

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About Stephanie Sievers

Stephanie Sievers is Senior Editor for the Illinois Association of REALTORS®. She serves as Senior Editor for IAR publications including the Illinois REALTOR® magazine and all other IAR publications. She is responsible for developing content for the Illinois REALTOR® Weekly Connection e-newsletter, coordinates the IAR Twitter account content at ILREALTOR and plans and develops content for videos. She assists in developing and writing content for the IAR blog. She also is involved in researching and drafting news releases and coordinates the news media distribution database and newsclips reports for the Association. She also assists in IAR spokesperson training seminars and is involved in development of association briefing materials on issues. She assists with the housing statistics program and reports.

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