For immigrants, their biggest achievement is to live in a house that they can call home. Well this dream is becoming true for many Hispanic Americans and that too at a really fast rate. The US census of last year’s data reported that whites counted for every death 1.1 births, while on the other hand Hispanic counted for every death 8.9 births. With this birth rate the activity of home buying will be accelerated in the coming years. Movoto.com is a fulflegded service estate brokerage that is located in San Mateo, CA, responsible for figuring out just by how much the home owning activity will increase.
Last year, the percentages of repeat and first time home purchases of whites against the Hispanics, Asians, and black Africans were as follows; whites accounting for 85 percent, 6 percent Hispanics or Latino home buyers, 6 percent of black Africans home consumers, pacific islanders or Asians counted for 4 percent and other ethnicities and races comprised of 2 percent.
Movoto.com reports that Hispanics are diligently casting for the great American dream which is buying a home of their own. Hispanics living in America have sworn themselves solely to the country and so aspire to live the American dream just like the whites. It is predicted that from now to 2020 the Hispanics will elucidate for 50% of the new consumers. There has been a drastic 38 percentage increase in the first-time buyers since 2010. Currently 75 percent first time buyers are the whites and the rest 1 percentage is that of the Hispanics. As their buying power increases by leaps and bounds there is a great rise coming up.
The Hispanic population in the U.S has multiplied 3 to 5 times between 1980 and 2010. Coming from the “National association of Hispanic Real estate Professionals”, a 20,000 group of members accounted that over the last three decades two of every five newcomers were Hispanic. In the near future, Hispanic will be the key market for house ownership and it is expected that 40% of the anticipated, around 12 million new houses will be owned by Hispanics. 70% of the total growth is expected to be of minorities are.
Hispanics hold on the “American dream” despite the economic and financial discouragement. The economic meltdown has affected everybody dramatically but the Hispanics stay determined to get a home of their own. Twin reasons, determine them to hold on to their dream; financial and emotional. Only 32% of the Americans contemplate about owning a home, whereas 56% of the Hispanics believe and work hard towards it.
Hispanics take the dream of owning a home more seriously than the Americans themselves, therefore they are working really hard towards achieving it, making their roots stronger in the country “America”. This is proven by the increasing rate of house ownerships as compared to the last year. The encouragement and determination will help them in purchasing houses. Sooner than we know, Hispanics will be quite strong and a key market to be targeted for buying houses.