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A recent study released by Better Homes and Gardens Real Estate and The National Association of Hispanic Real Estate Professionals (NAHREP) reveals that Hispanic women are the epicenter of their demographics’ home buying power. The national survey, which collected data from over 1,000 Latin American and Hispanic women between the ages of 25 and 60, addressed their thoughts and expectations when buying a home.
Key Findings:
- 91 percent of women surveyed believe that buying a home is the soundest investment they can make
- 61 percent think they will make most of the decisions in their next home buying process
- On average, the women surveyed stated that they are responsible for 69 percent of household purchases over $100, and one-third of them reported being responsible for all of these purchases
- Half of survey participants expect to remain in their current homes for five years or less before buying their next home
- More than half of those surveyed would prefer to rent out a former home rather than sell it
- 66 percent of women surveyed, and 84 percent of non-homeowner millennials surveyed, believe they will be capable of purchasing a home in their lifetime
- 61 percent of respondents don’t think it’s important for their real estate agent to speak Spanish, but, of the participants currently searching for a home, 48 percent prefer a Spanish-speaking agent
- 73 percent of women surveyed prefer working with a female real estate agent over a male
NAHREP’s 2014 State of Hispanic Homeownership Report further exhibits the potential effect Hispanic families could have on the housing sector. The report shows that in 2014 Hispanic households grew by 320,000, 40 percent of the total U.S. household growth; Hispanics’ purchasing power is $1.5 trillion, equivalent to that of Canada, and is calculated to grow to $2 trillion by 2020; and, Hispanics account for 17 percent of the entire U.S. population.
These facts reveal that Hispanics are a force to be reckoned with in American home buying, and, that as the primary decision makers in the demographic, women are the key. As real estate professionals it is crucial to understand the needs and expectations of Hispanic women, to provide them with the best possible service, and allow them to take the reins of their home buying processes.