Hispanic Homebuyers Report
Introduction
Hispanic and other underrepresented homebuyers often face various obstacles in their path toward homeownership. Despite these challenges, Hispanic homebuyers are a significant force in the housing market. Studies suggest that by 2040, 70% of net new homeowners will be Hispanic. With a dedication to helping homebuyers find joy in homeownership, the research explores the state of mind of today’s recent and intending homebuyers and what impacts their purchase decisions. The study examines the differences in community aspirations of Hispanic recent/intending homebuyers versus the overall population, the wider homebuying population, and across generations and family composition.
The CENTURY 21® brand, as the first choice for Hispanic consumers considering buying or selling real estate, is excited to work alongside affiliated agents and their clients to advance Hispanic homeownership in the U.S.
Methodology
Century 21 Real Estate commissioned Ipsos to conduct an online survey of Americans ages 18-64 who are recent or intending homebuyers. The starting sample for this survey was a nationally representative group of 6,020 U.S. adults ages 18-64. After screening, a total of 1,041 recent and intending homebuyers completed the survey, with samples among Hispanic (270), Gen Z (279), and Millennials (390). The survey was offered in Spanish as well as English. Qualified respondents fall into one of two categories: those who purchased a new primary residence in the past two years (excluding motor homes) and those who intend to purchase a primary residence in the next twelve months.
Community Connection
Many Americans feel it’s very important to have a connection to their local community, and this sentiment is particularly true for Hispanic Americans. Hispanic clients place a strong emphasis on family and community, often using collective action to advocate for their rights and address issues affecting them, such as education and healthcare.
Home as a Source of Pride
For Hispanic recent/intending homebuyers, a new home is a point of joy and pride as it signifies the ability to nurture their family’s future within a community. Compared to all other recent homebuyers, Hispanic recent homebuyers report slightly higher levels of pride during the homebuying process. This is particularly true for younger Hispanic recent/intending buyers, who report higher levels of both pride and joy. After moving, 70% of recent Hispanic homebuyers feel a stronger sense of community connection after purchasing their home, versus 65% of all recent/intending homebuyers.
Mutual Support in Communities
Hispanic Americans are looking for a community where support goes both ways. 89% of Hispanic recent/intending homebuyers believe that home is not just your house, but the community you live in. For this group, community looks like a mutually supportive arrangement, where they can make a positive impact and receive help in return. Hispanic recent/intending homebuyers are slightly more likely to prioritize feeling support, connection, acceptance, and hope for the future versus the general population. Recent/intending Hispanic Millennial homebuyers report slightly higher levels of agreement that it’s important to make an impact on their communities and on the desire to live where their families can thrive.
Quality of Life and Economic Opportunity
For the Hispanic recent/intending homebuyer, quality of life and economic considerations are bigger priorities than being close to family. Hispanic homebuyers over-index on moving for a better cost of living and under-index on moving to be closer to family, potentially indicating that they’re prioritizing the family they are creating versus their family of origin.
Community Over House
Hispanic homebuyers believe the community they live in plays a key role in achieving the American Dream for themselves and their families. They are slightly more likely than general homebuyers to prioritize a dream community over a dream house.
Civic Participation
Being involved in the community is a key part of participating in the American Dream for Hispanic recent/intending homebuyers. 95% of Hispanic recent/intending homebuyers say it will be important to get involved in their new community, and those with children in the home are slightly more likely to plan to get involved than those without. Almost a third say they are or will get involved in local politics, the highest incidence among all respondents. They are slightly more likely to want to get involved by attending local events and to report the desire to get involved in school committees.
Guidance from Agents
Hispanic recent/intending homebuyers are looking for agents who can help guide and support them through the homebuying process with a deep understanding of their cultural needs. Recent Hispanic homebuyers over-indexed on guidance from their agent when it comes to getting to know the local community. They are also slightly more likely to look for an agent’s ability to give tips on funding opportunities or grants. The CENTURY 21 brand boasts a strong presence in the top 5 states with positive Hispanic net migration, positioning the brand as an unparalleled resource for Hispanic homebuyers.
We look forward to helping this community of individuals grow by better serving their unique needs.
