Even during the financial instability of the COVID-19 pandemic, the housing industry is booming and research shows it’s especially growing in the Hispanic and Latino community.
According to a new report from the Hispanic Wealth Project, even with the pandemic impacts, Latino households are seeing recovery and continued economic growth.
In order to take a look at Latino household wealth and better understand the impacts of the coronavirus in the Latino Demographic, the report used a number of datasets, including the Census Household Pulse Survey, the Bureau of Labor Statistics and Annual Business Survey.
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The report found Latinos have seen homeownership growth over the last five years. Their survey also found they were 25% more likely than their non-Hispanic White counterparts to own an investment property.
“In recent years, Latinos have proven to be more confident than ever when it comes to homeownership and entrepreneurship. We are also seeing overwhelming confidence in Latino investors who choose to invest in real estate. Latinos are overcoming the stigma of being considered an at-risk class, and are making a positive impact on homeownership and the economy,” said Veronica Figueroa, an experienced Orlando realtor and founder of Figueroa Team.
Data shows 40% of Latinos surveyed who don’t own a home, say they plan to buy one within the next 5 years. That’s nearly 50% higher than non-Hispanic White renters surveyed.
Previous purchasing trends show that while Hispanics make up 18% of the U.S. population, the group accounted for nearly 63% of new U.S. homeowner gains over the past decade, according to the National Association of Hispanic Real Estate Professionals.
Figueroa, who is also the President of the North Orlando National Association of Hispanic Real Estate Professionals, says she has seen more homebuyers moving to Central Florida, especially because it offers a variety type of housing, from rural areas to new construction.
She also notes the diversity found in the Central Florida landscape and believes services have become reflective of the growing Hispanic Latino community making it easier for them to make the move. She also feels proud of what her team has to offer to the demographic.
“We represent clients from all cultures, but what makes our team extremely proud is the representation we have for Latinos from different countries. At Figueroa Team, we have agents from Puerto Rico, Colombia, Brazil, Dominican Republic, Romania, Haiti, Jamaica, South Africa and many more places. Diversity is at the core of our team and our success. We are proud to know Latinos trust us as their experts in real estate," said Figueroa.
For Hispanic Heritage Month, she’s using her platform to share opportunities for Latinos in the real estate business. You can learn more about the virtual event by clicking here.