Latinos are increasingly driving the U.S. housing market. According to the Urban Institute, they will account for over 70% of residential real estate purchasing power in the next 20 years, translating to 4.8 million new latino homeowners. This shift is transforming the landscape of homeownership in the U.S.
Jesús Moreno and Dayra Medrano, who recently bought a home in Terrell, Texas, are part of this growing trend. “We feel a deep sense of pride and peace when we come home”, said Medrano. For many latinos, owning a home is the culmination of years of hard work and a symbol of achieving the American Dream.
Diana Sifuentes, a real estate agent in North Texas, believes that latinos‘ drive to own businesses and property reflects their commitment to building lasting wealth.
The growing of latinos presence in homeownership
Latinos are also the youngest group of homebuyers in the U.S., with an average age of 30.7 years. This gives them the time to build assets and create businesses, making them a crucial part of the housing market’s future.
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In 2023, 45% of latino homebuyers were under 35, compared to just 40% of non-latinos. The National Association of Realtors reports that latino homeownership reached a record 51% in 2022, up from 45% in 2012, outpacing other ethnic groups.
Financial support for latino homebuyers
Programs like Wells Fargo’s Homebuyer Access, which offers up to $10,000 for down payments, have made homeownership more accessible to latinos. These financial tools help overcome barriers, especially for low- to moderate-income families. Additionally, many latino homebuyers defy stereotypes, with 71% purchasing homes in middle- to high-income areas in 2023.
For families like Jesús and Dayra, homeownership represents security and a brighter future. “It’s about giving my family a safe place to call home”, said Moreno. As the latino community continues to expand its presence in the housing market, their impact will only grow.
With information of: The Dallas Morning New.
