The last couple of years have seen rising prices and increased sales in the real estate market. According to a report from Redfin, Latinos have made more progress at a faster rate in homeownership than any other ethnic group. Americas Choice Inspections offers home inspections to help home buyers make informed decisions about investing in a new home. Let’s explore the reasons why Latinos have made such strides in owning homes, and why they will continue to do so.
Why More Latinos Are Buying Homes
Latinos tend to receive a lot of support from their families, which has made it easier for them to be able to own homes. Over half of Latino homeowners have lived with their family rent-free, allowing them to save for a down payment on a home. They are also more likely than other races and ethnic groups to receive financial assistance from family with making mortgage or rent payments.
Why Latinos Are Important For the Housing Market
According to Redfin’s report, 50% of Hispanic or Latino Americans owned their home in 2020, up from 45% in 2014. The Urban Institute conducted a study that has forecasted that Latino buyers will account for 70% of homeownership growth from 2020 to 2040. Over half of the growth in homeownership over the past decade came from the Latino population, if that’s any indication. One of the key contributing factors to this growth is the much younger average age of the Latino population than the general population, meaning future growth in homeownership rates will favor Latinos.
Choose Americas Choice For Your Home Inspection
Let Americas Choice provide your home inspection to take away any unknown factors about the condition of the property you want to buy. We will evaluate your house from roof to foundation, and all the elements in between. You will have your inspection report on the next business day, and we will include a complimentary, third-party, 90-day warranty.
Schedule Your Inspection Today
Americas Choice has performed thousands of home inspections since 2009. Our certified home inspectors provide valuable insight throughout the process of buying your home. Contact us at (888) 551-3831 for more information, or schedule an inspection online. We serve clients in Charlotte, NC, and the entire Triad area including Mooresville, Winston Salem, Rock Hill, and beyond.
Sources: https://www.forbes.com/sites/brendarichardson/2021/07/12/hispanic-and-latino-homeowners-more-likely-to-receive-financial-help-buying-a-home/?sh=61cbad3b43ab
https://www.cnbc.com/2021/06/26/the-future-of-home-ownership-is-latino.html