ORLANDO, Fla. – In recent years, the Hispanic population has become a catalyst for the U.S. housing market, and new data indicates that Hispanic women are key to unlocking this buying power.
The National Association of Hispanic Real Estate Professionals (NAHREP) and Better Homes and Gardens Real Estate recently released a national study of more than 1,000 Latin American/Hispanic women ages 25 to 60. According to the study, 91 percent of respondents think buying a home is the best financial investment they can make – and 61 percent believe they will play a larger role than their partner in their next home purchase.
In other findings, those polled said they expect to play a key role in:
- Researching homes to visit (59 percent)
- Researching communities or neighborhoods (58 percent)
- Deciding which home to eventually purchase (54 percent)
- Researching finances, such as mortgage options (43 percent)
On average, the women surveyed believe they’re currently responsible for 69 percent of household purchase decisions over $100; one-third say they’re in charge of all such decisions.
According to the survey, the Hispanic population will drive a significant amount of real estate activity in the near future. Nearly half believe they’ll live in their current home for five years or less, and they see homeownership as an investment opportunity. More than half would consider renting out their former home for an additional source of income.
The majority (66 percent) of those surveyed who never owned a home and 84 percent of non-homeowner millennial respondents are confident they’ll be able to buy a property at some point in their lifetime – and more than half believe it will be within the next three years.
Other survey insights
- 61 percent of respondents don’t think their real estate professional needs to speak Spanish
- 39 percent, however, value Spanish to help them feel at ease with the process
- 73 percent of Latina respondents prefer to work with a female agent
- 87 percent would like their home to be the main gathering place for family celebrations – their top reason for purchasing a home today
- 62 percent would buy a home with room for more people than their current home
- 63 percent expect to have parents, grandparents or other extended family members living with them at some point
- 34 percent would prefer a less desirable home closer to family than their dream home, no matter the location
- The top desires are an in-ground pool (50 percent), gourmet chef’s kitchen (50 percent), spa-like bathroom (47 percent), “smart” home (31 percent), outdoor kitchen (29 percent) and built-in home theater system (29 percent)