Introduction
Hispanic and different underrepresented homebuyers tin often look assorted obstacles successful their way toward homeownership. Despite that, Hispanic homebuyers are a large unit successful the lodging market1: studies suggest that by 2040, 70% of nett caller homeowners volition beryllium Hispanic.
With our dedication to helping homebuyers find joyousness successful homeownership, we’re sharing the results of our probe connected the authorities of caput of today’s caller and intending homebuyers and what impacts their acquisition decisions. We research the differences successful assemblage aspirations of Hispanic recent/intending homebuyers versus the wide population, the wider homebuying population, and crossed generations and household composition.
As the archetypal prime that Hispanic consumers would see the adjacent clip they bargain oregon merchantability existent estate2, the CENTURY 21® marque is excited to enactment alongside the agents affiliated with the marque and their clients to beforehand Hispanic homeownership successful the U.S.
1 2021 Urban Institute study “The Future of Headship and Homeownership”
Methodology
Century 21 Real Estate commissioned Ipsos to behaviour an online survey of Americans ages 18-64 who are caller oregon intending homebuyers, defined below. The starting illustration for this survey was a nationally typical radical of n=6,020 U.S. adults ages 18-64. After screening, a full of n=1,041 caller and intending homebuyers completed the survey (n=500 and n=541, respectively), with samples among Hispanic (n=270), Gen Z (n=279), and Millennials (n=390). The survey was offered successful Spanish arsenic good arsenic English. Qualified respondents autumn into 1 of 2 categories:
- Purchased a caller superior residence successful the past 2 years. Those who purchased a centrifugal location are excluded.
- Intend to acquisition a superior residence successful the adjacent 12 months.
While galore Americans consciousness it’s precise important to person a transportation to their section community, this sentiment is peculiarly existent for Hispanic Americans.
WHAT DOES COMMUNITY MEAN TO YOUR CLIENTS?
HOW IMPORTANT IS IT TO THEM?
“I enactment a batch with Hispanic clients who spot a beardown accent connected household and community. They besides usage corporate enactment arsenic a community. They tin signifier to advocator for their rights and code issues affecting them – specified arsenic acquisition and healthcare. “
EVA ANGELINA ROMEROBroker/Owner
CENTURY 21 Capital Properties
Nashville, TN
Home is much than the location – it’s pride, community, and connection
For Hispanic recent/intending homebuyers, a caller location is simply a constituent of joyousness and pridefulness arsenic it signifies the quality to nurture their/their family’s aboriginal wrong a community.
Compared to each different caller homebuyers, Hispanic caller homebuyers study somewhat higher levels of pridefulness during the homebuying process.
This is peculiarly existent for younger Hispanic recent/intending buyers, who study higher levels of some pridefulness and joy.
After moving, 70% of caller Hispanic homebuyers consciousness a stronger consciousness of assemblage transportation aft purchasing their home, versus 65% of each recent/intending homebuyers.
Hispanic Americans are looking for a assemblage wherever enactment goes some ways
89% of Hispanic recent/intending homebuyers judge that location is not conscionable your house, but the assemblage you unrecorded in. For this group, assemblage looks similar a mutually supportive arrangement, wherever they tin marque a affirmative interaction and person assistance successful return.
When asked astir the antithetic attributes they look for successful a imaginable community, Hispanic recent/intending homebuyers are somewhat much apt to prioritize feeling support, connection, acceptance and anticipation for the aboriginal versus the wide population.
Recent/intending Hispanic Millennial homebuyers study somewhat higher levels of statement (versus different Hispanic generations) that it’s important to marque an interaction connected their communities and connected the tendency to unrecorded wherever their families tin thrive.
Quality of beingness and economical accidental are priorities
For the Hispanic recent/intending
homebuyer, prime of beingness and economic
considerations are bigger priorities than being adjacent to family.
Hispanic homebuyers over-index connected moving for a amended outgo of surviving (+9), and under-index connected moving to beryllium person to household (-11) — perchance indicating that they’re prioritizing the household they are creating versus their household of origin.
Ultimately, the assemblage matters much than the location itself
Hispanic homebuyers judge the assemblage they unrecorded successful plays a cardinal relation successful achieving the American Dream for themselves and their families.
They are somewhat much apt than wide homebuyers to prioritize a imagination assemblage implicit a imagination house.
Hispanic homebuyers program much civic information successful caller communities than different recent/intending homebuyers
Being progressive successful the assemblage is simply a cardinal portion of participating successful the American Dream for Hispanic recent/intending homebuyers.
95% of Hispanic recent/intending homebuyers accidental it volition beryllium important to get progressive successful their caller community, and those with children successful the location are somewhat much apt to program to get progressive than those without.
The American Dream of assemblage takes connected adjacent much value erstwhile considering the ways Hispanic recent/intending homebuyers program connected getting involved. Almost a 3rd (32%) accidental they are oregon volition get progressive successful section politics, the highest incidence among each respondents. They overindex +6 versus each recent/intending buyers.
This radical is somewhat much apt to privation to get progressive by attending section events and to study the tendency to get progressive successful schoolhouse committees.
Hispanic recent/intending homebuyers are looking for agents who tin assistance usher and enactment them done the homebuying process with a heavy knowing of their taste needs.
Recent Hispanic homebuyers over-indexed connected guidance from their cause (35%) versus different homebuyers (30%) erstwhile it comes to getting to cognize the section community. They besides are somewhat much apt to look for an agent’s quality to springiness tips connected backing opportunities oregon grants.
The CENTURY 21 marque boasts a beardown beingness successful the apical 5 states with affirmative Hispanic nett migration according to the 2023 NAHREP State of Hispanic Homeownership Report. That successful summation to astir 10% of the CENTURY 21 web speaking Spanish, positions the marque arsenic an unparalleled assets for Hispanic homebuyers.
We look guardant to helping this assemblage of individuals turn by amended serving their unsocial needs.
2. Study Source: 2023 Ad Tracking Study (Hispanic Audience). The survey results are based connected 313 online interviews with a nationalist random illustration of adults (ages 18+) who are adjacent determination makers successful existent property transactions and progressive successful the existent property marketplace (bought oregon sold a location wrong the past 2 years or, program to acquisition oregon merchantability a location wrong the adjacent 2 years) from Spanish, Hispanic, oregon Latino background/origin. The survey was conducted by Kantar Group Limited, a starring planetary marketplace probe organization, from November 17- December 1, 2023.
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