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Eighteen Homebuyer Assistance Programs Offering Up to $117,000 Are Available to Help People with Disabilities and Family Caregivers Purchase or Modify a Home
Hispanics are earning more money, becoming better educated, and forming households at a faster pace than any other demographic, according to the 2016 State of Hispanic Homeownership Report. They also continue to demonstrate a strong desire for homeownership and we can expect the rate to rise. The Hispanic community is already responsible for 75 percent of the country’s recent homeownership growth. In fact, while the overall homeownership rate declined to its lowest in more than 50 years, the Hispanic homeownership increased from 45.6 percent in 2015 to 46.0 percent in 2016.
In 2016, Hispanics accounted for 38 percent of new household formations in the country. Hispanics say raising a family and wealth creation are primary drivers of the desire to own a home, according to Fannie Mae’s National Housing Survey. Lenders and agents should take note of the particular needs and interests of Hispanic homebuyers, especially since 60 percent are Millennials.
The National Association of Hispanic Real Estate Professionals (NAHREP) outlined the top three reasons Hispanic homeownership is on the rise:
Download the full report.