By ERIN FLYNN JAY
American homebuyers are getting older and industry leaders are preparing to welcome more Hispanic homeowners in the coming decades.
According to the 2023 Home Buyers and Sellers Generational Trends Report by the National Association of Realtors, members of Gen X between 43 and 57 years old made up 24% of recent buyers. They were followed closely by younger Baby Boomers who, between 58 and 67 years old, represented 23% of recent buyers.
Older Millenials between the ages of 33 and 42 accounted for just 16% of recent purchases.
The typical first-time homebuyer is 36, and the typical repeat buyer’s age climbed to 59 last year. Those are the highest ages recorded, a press release for NAR’s…
Wells Fargo is funding a new initiative from nonprofit UnidosUS to create four million new Latino homeowners by 2030.
HOME, which stands for “Home Ownership Means Equity,” is a new plan to influence systemic change in order to make homeownership available to more Latinos in the U.S.
“We need to make homeownership more accessible, especially in historically marginalized communities,” said Kristy Fercho, head of Diverse Segments, Representation, and Inclusion at Wells Fargo.
Over the next 20 years, Latinos are forecast to account for most new homebuyers in the U.S.
“Between 2020 and 2040, if you’re talking about the homeownership increase, 70% of the new net homeowners are actually Hispanic,” researcher Jun Zhu from the Urban Institute told WFAE. “This is…
New data from the Census Bureau confirms that Hispanic households continue to make significant gains despite the challenges they face in the hot housing market. The National Association of Hispanic Real Estate Professionals (NAHREP) released a statement celebrating the finding of the U.S. Census Bureau’s Current Population Survey/Housing Vacancy Survey. The survey found that Hispanic homeownership rates rose to 48.4% in 2021, up by 657,000 households since 2019. Of the total, a net 1,025,000 were new households, which account for 27% of household formation growth in the last two years. Additionally, Hispanics added 1,025,000 net new households, accounting for 27% of household formation growth over the last two years. However, potential Hispanic homeowners face many challenges. Latino homeowners trailed the…
