Page 46 - SYF Hispanic Playbook_WorkingDraft (1)

HOME IMPROVEMENT

The Urban Institute projects that by 2040, 70 percent of the net new homeowner
households in the United States will be Latino. The group projects that Black and White

homeownership rates will decline during that same period. And while Hispanics make
up about 18 percent of the country’s population, they accounted for more than half of
the country’s homeownership growth in the decade leading up to the pandemic, Urban
Institute research shows.

Latino buying power will likely only grow because their population skews much

younger than other racial and ethnic groups. Hispanics in the United States had a
median age of 30 in 2019, roughly 15 years younger than the median age for non-
Hispanic White Americans, according to Pew Research.

Hispanics have unique needs when purchasing homes that present an opportunity for
the Home Improvement sector. FreddieMac understands this and urges their
associates to understand that, for example, it’s important for family-oriented
Hispanics to live within a close radius of their nucleus, so they may be hesitant to

consider a potential home that’s farther out. Likewise, rather than dissuading a smaller
family from making an offer on a larger house, they advise to keep in mind that they
might anticipate needing the extra space for future multi-generational needs and ask
them to encourage lower-priced homes that require renovations versus properties that
are move-in ready. Hispanics are resilient, unafraid of hard work and driven by helping
each other and working together to achieve their family dream.

https://www.urban.org/urban-wire/number-hispanic-households-will-skyrocket-2040-how-can-housing-industry-
support-their-needs
https://www.pewresearch.org/fact-tank/2020/07/07/u-s-hispanic-population-surpassed-60-million-in-2019-but-
growth-has-slowed/