A recent survey conducted by the National Association of Hispanic Real Estate Professionals (NAHREP) shows that 54 percent of Latinos have a strong interest in homeownership and plan to buy a home in the next five years. The survey was conducted among Latino renters living in markets with high foreclosure rates, including Los Angeles, Las Vegas, Phoenix, and Miami.
“Despite the losses that many families suffered in the mortgage crisis, there remains high interest in homeownership among those families that stayed on the sidelines and didn’t buy during the boom,” says Tino Diaz, chairman of NAHREP. “Our members report that the appeal of stability and personal freedoms that come with homeownership are top motivators.”
Nearly half of the nation’s 14 million Hispanic households currently rent. If half of the renter pool follows through and is able to achieve homeownership during the next five years, the nation’s fastest growing minority group could be the next big wave of first-time buyers, the report said.