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Latinx as the New and Emerging Market for Real Estate
As National Hispanic Heritage Month comes to a close, it’s imperative to highlight the rising Latinx homebuying market. Over the past ten years, the Latinx population has comprised more than half of the total homeownership growth in the United States....
Madison Clifton
Oct 15, 2021
As National Hispanic Heritage Month comes to a close, it’s imperative to highlight the rising Latinx homebuying market.
Over the past ten years, the Latinx population has comprised more than half of the total homeownership growth in the United States. This trend is expected to continue over the next 20 years. According to Urban Institute, the Latinx population will make up around 70% of growth in the years between 2020 and 2040. This study conducted by Urban Institute also forecasts that Latinx will be the only demographic that will see an increase in homeownership in the following decades.
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How and Why?
This sudden increase is largely due to a large demographic of Latinx youth entering the home buying market. The Wall Street Journal states that in 2019, Hispanics in the United States had a median age of 30, compared to an average age of 44 for non-Hispanic white Americans. With a younger presence, the timing of this sudden uptick in homeownership is understandable.
There are still certain hurdles when it comes to home buying that remain for Lantinx individuals. For example, the Bureau of Labor Statistics reported that since the start of the COVID-19 pandemic, the unemployment rate has been 1.9% higher for Hispanics than for white Americans, potentially making it harder to have enough for a down payment. Additionally, many Latinx citizens work restaurant, hospitality, and construction jobs that were negatively impacted by COVID-19.
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How to Accommodate
One potential way to navigate and grow with this up and coming market is to provide sales and marketing materials that cater to the lifestyle and culture of the Latinx demographic. Hiring bilingual employees or members of the Latinx community and also translating collateral is also a great opportunity to connect with this growing market.
A good example of an accommodation for the growing Latinx market is Transactly. Transactly offers several bilingual Transactly Coordinators that can help in any market and on a variety of tasks.
As the Growth Continues
Despite the roadblocks that might be in the way, the Latinx homebuying market is expected to continue to rise. The Urban Institute projects that by 2040, 70% of the net new homes purchased will be attributed to Hispanics. With that kind of figure, and especially with the current market, it’s vital for agents to pay attention to the Latinx pool of homebuyers as it continues to grow.