It’s no big secret that the number of Hispanics, Mexicans and Latinos living in Sacramento (currently 39% of the population), making hispanic home buyers an increasingly important sector of the local home buyers market.
Hispanics Now The Largest Sector of Home Buyers in The United States
According to the Pew Research Center, the Hispanic, Mexican, and Latino population in the United States of America has reached a new high of 57 million (or 18% of the U.S. population) by 2017 — by 2060, experts predict this may surge to as high as 30%. While as a nation homeownership has trended downward in recent years, ownership among Hispanics have achieved substantial gains.
Last year, Hispanics home buyers accounted for 69% of total net growth in U.S. homeownership — by comparison, the rate for every other major population group decreased. Hispanics are no longer clustered mainly in Florida, California and Texas, either.
While the greatest number of Hispanic homebuyers are in cities such as Los Angeles, Miami, Dallas, New York and Chicago, Hispanic homeownership is surging in many other markets, including Atlanta, Phoenix, Las Vegas and Sacramento, according to the National Association of Hispanic Real Estate Professionals (NAHREP).
For Hispanics, buying a home is an important step in achieving the American dream
Carlos Montoya attributes this surge in Hispanic, Latino, & Mexican homebuyers to “An emigration to the U.S. from other countries has seen a growth in Hispanic home buyers. They have a desire to experience the great American dream of homeownership for themselves and their children,” states Montoya, whose clientele is largely Hispanic.
Most Hispanics are First-Time Home Buyers
Hispanic homebuyers in the Sacramento area are practical and are interested in long-term value. Rising access to low down payment mortgages is especially important has begun to make the dream more accessible for many new buyers. Many latinos are first-time homebuyers. Hispanics want to be able to provide a sizable down payment to keep their monthly mortgage payments manageable, but many have trouble saving.
Research released in 2015 by TD Bank’s First-Time Home Buyer report revealed 66% of Hispanics who are planning to buy a home in the next five years want to provide a down payment of 20% or more, but the same percentage admit saving enough to achieve that is a challenge.
In fact, Hispanics are more likely than the general population (46% versus 38%) to consider affordability programs, often looking to real estate professionals to help guide them through that process.
Sacramento Hispanic Home Buyers Need a Local Realtor Who Can Help
Hispanic families are now the dominant ethnic majority in California, comprising 39% of the states population. With so many Hispanic home buyers entering the market it’s no wonder that many are first generation and second generation citizens. Many of them prefer a spanish speaking real estate agent that can help them navigate the home buying process.