
“by 2024, demographic and economic changes will bring what could be one of the largest expansions in the history of the U.S housing market with 13.9 million additional households.”
But, what did they said about the Impact of the Hispanic community?
The Impact of Demographics on Housing Demand
- Over the next decade, Hispanic household growth will increase by 5.7 million households.
- New "minority-owned" households will be more than one-third higher than the number of new "non-Hispanic/White" households.
- The homeownership rate among Hispanics ages 40 and over is greater than the current average rate of 46% for all Americans.
- Millennials will be a key component of growth raising the ranks of households age 18 to 44 by 4.1 million. (21% of Millennials in the U.S. are Hispanic.)
Bottom Line
The Hispanic community will be a major driver of housing over the next decade.
The Hispanic community will be a major driver of housing over the next decade.
National award-winners and seasoned Realtors with over many years of experience in Northern & Central New Jersey, Rahul & Smitha and their team have become New Jersey’s “Go To” agents and consistent leaders with a reputation for tenaciously protecting their clients’ interests. They specialize in Morris, Somerset, Essex, Union and Passaic counties.