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The Latino Real Estate Market
There is a forecasts that 2.2 million Hispanics will buy homes by 2010. The U.S. Hispanic Market is the the most promising sector to deliver growth the the real estate market. The Latino community could potentially become a majority in the first time home buyer sector.
Recent studies suggest that the Hispanic homeownership rate will rise 20 percentage points over the next five years as the next generation of Hispanic homebuyers enters its peak home-buying years. Modest gains in the Hispanic homeownership rate suggest that the array of programs and initiatives from the industry are having an impact. Most certain is the continued trend of marketing campaigns, bilingual services and Hispanic-centric products from the industry as it braces to handle the wave of Latino homebuyers in the future.
The Latino Market
Hispanics median age of 26.7 years, have "a younger age structure" compared to white America, which has a median age of 39.6. 3.51% birth rate. twice the national avg. 36% of population is less than 18 years of age. U.S. Hispanic Marketing
Today's 10 million-plus Hispanic households will soar to 13.5 million by 2010, up from less than 6 million in 1990. These households will control $670 billion in personal income six years from now, with Mexican American households accounting for $409 billion of this total. Households hailing from Central and South America will earn $107 billion by 2010, with Puerto Rican households controlling $65 billion.
The Cuban community will account for $32 billion, with the remaining $56 billion being earned by Spanish, Dominican and other Hispanic households. (The Conference Board study defines "Hispanics" as people whose origin is in Mexico, Puerto Rico, Cuba, South and Central America or other Hispanic/Latino regions, including Spain and the Dominican Republic, regardless of race).
Spanish Internet Marketing Opportunity
Latinos represent the largest growing segment of the online population, a recent study shows that the Spanish dominant sub-group has room for growth. Garcia Research Associates' (GRA) Hispanic Omnibus Study in September 2005 showed that among Spanish-dominant Latino adults from 18 to 65 years of age, only 20% have access to the Internet and 14% have an e-mail address. The results indicate that Internet access is driven mainly by income - of those households with $30K or higher, usage is 46%, compared to 19% for $20K-$30K and 13% for less than $20K.
Recent studies suggest that the Hispanic homeownership rate will rise 20% over the next 5 years as the next generation of Hispanic homebuyers enters its peak home-buying years.
Modest gains in the Hispanic homeownership rate suggest that the array of programs and initiatives from the industry are having an impact. Most certain is the continued trend of marketing campaigns, bilingual services and Hispanic-centric products from the industry as it braces to handle the wave of Latino homebuyers in the future.
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