Photo: Latino Homeowners Booming Numbers
Each year the National Association of Realtors (NAR) releases the “Profile of Buyers and Sellers,” a comprehensive document that attempts to parse data from the previous year’s housing market. Among that data is a breakdown of such things as the median age of a home buyer and median income.
Among the information NAR gathers and releases is data on the race/ethnicity of first-time and recurring home buyers. It shouldn’t come as a surprise that whites make up the majority of home purchases—about 85 percent.
When first-time home buyers and repeat buyers are separated into two categories there is a different story. While whites still made up the majority of first-time home buyers, the percentage is smaller. About 75 percent of first-time home buyers self-identify as white.
The next largest group was Hispanic/Latino home buyers, which made up 11 percent of all first-time home buyers. This was in an increase of 38% percent over 2010 figures.
“The rapidly growing U.S. Hispanic population is entering the housing market in increasing numbers,” said Movoto founder and CEO Henry Shao.
Furthermore, the National Association of Hispanic Real Estate Professionals (NAHREP) claimed that over the next 10 years, Hispanics are expected to account for 40 percent of the estimated 12 million net new households, with minorities comprising 70 percent of total growth.