The Hispanic Population in the U.S. continues to grow. They are buying homes at a higher rate across the country. Here in Texas where I live, Hispanics accounted for the greatest percentage of population increase in three Texas cities: El Paso, Fort Worth, and San Antonio. In the past they were more apt to rent, but now an increasing number are purchasing homes. Two out of every three hispanic renters have aspirations of homeownership, according to an article I read in the May 2012 Texas Realtor® Magazine. With interest rates at all time lows, who wouldn’t see it as a good investment? With English as a second language, it must be more concerning, though, to trust a Realtor and a lender and a title company to get you into a home. But it is a great way to build generational wealth, so many Hispanic families are going for the mortgage.
Statistically, Hispanics are projected to make up 4.8 million of the estimated 12 million net new households in the U.S. in the next decade according to the 2011 State of Hispanic Homeownership Report, March 2012, National Association of Hispanic Real Estate Professionals; The State of the Nation’s Housing 2011, June 2011, Joint Center for Housing Studies; Fannie Mae 2011 National Housing Survey, September 2011, Fannie Mae.