Hispanics ‘More Likely’ to Buy Homes than Other Groups

Hispanic buyers are not baffled by housing market concerns and more likely to buy in the next three years, according to Fannie Mae.

U.S. Census data show this segment of the population is the fastest growing in the United States and is projected to account for most of U.S. population growth through 2060.

Hispanics are known for their close-knit family culture that favors homeownership.

Fannie Mae’s National Housing Survey findings show Hispanics are more likely than the general population to choose owning over renting.

Up to 91% of Hispanic homeowners are as likely as the general population of homeowners to say owning makes more financial sense than renting.

Housing attitude differences become more obvious among renters.

Owning made more financial sense than renting to 88% of Hispanic renters, compared to 71% of all renters as a whole, according to survey results from the fourth quarter of 2012.

However, Hispanics consistently have been much more likely than the general population to express concerns about their ability to get a mortgage.

Sixty-three percent of Hispanic homeowners believe it would be difficult to get a home mortgage today, compared to 40% of the general population.

Nonetheless, Fannie finds Hispanic owners and renters are more likely than their general population counterparts to buy a home in the next few years.

Article source: http://www.nationalmortgagenews.com/dailybriefing/Hispanics-More-Likely-Buy-Homes-Other-Groups-1039468-1.html

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