The number of Latinos owning homes in the United States is at its highest level since 2000, according to the 2020 State of Hispanic Homeownership Report.
The report shows in 2020 alone more there were 725,000 new Hispanic homeowners in the market. For context, only 277,000 new homes were added in 2019.
“They haven’t slowed down, the homeownership for Latinos hasn’t slowed down,” Founder and CEO of the Figueroa Team Veronica Figueroa said.
In May 2021, Veronica was named No. 3 in the nation among Latino Agents by the National Association of Hispanic Real Estate Professionals.
“Latinos have continued to show strength in creditworthiness, show strength in professionalism, not just homeownership but in education levels, it’s exciting,” Figueroa said. “They are being represented, they are being heard and seen, they are taking advantage of opportunities.”
According to the report, historically low interest rates, and consumer demand, the real estate market had a surprisingly strong year.
“The youth of the Latino community also helped overcome many of the pandemic-induced economic setbacks, driving household growth and increasing the Latino homeownership rate for the sixth consecutive year; the only demographic with six straight years of growth,” the report read.
The report also shows Latinos will be the majority of new homeowners for at least the next 20 years and in the 10 years leading up to the pandemic, Latinos accounted for over 50% of homeownership growth.
The Figueroa team helped couple Juan Botero and Lina Almansa, both Columbian and from New York find their dream home on the outskirts of Winter Park.
“We work hard so we can make a decent living and I think we are living the American dream having a home and making it our own,” Lina Almansa said.
The couple has a 5-year-old son and wanted to move to Florida for the weather and for more space. They’re currently staying in an Air BnB while their home gets renovated.
“My parents always wanted to live in a single-family house,” Juan Botero said. “Hispanics are hard workers and you know we work the way our parents instilled that in us.”
“It’s really exciting to see our community thrive and breaking a little bit of those stereotypes,” Lina added. “I feel like there are so many stereotypes about Latinos and I feel like finally a lot of those are being broken again with being promotions out there for Latino people.
The report shows Florida is in the top 3 states Latinos are migrating to and in 2018, the Orlando-Kissimmee real estate market was No. 3, adding nearly 10,000 new Hispanic homeowners.
“Latinos no longer be a part of the minority,” Figeroa added. “We are part of the community, we are being represented and we are proud to make an impact in the economy through homeownership.”