According to a report from The Hispanic Wealth Project, the Hispanic home ownership rate rose in 2017 to 46.2%, an increase from 45.6% in 2015.
Based on the report, Hispanics are the only ethnic demographic to have increased their home ownership rate for three consecutive years. The report also found that aside from home purchase, new business starts and stock-market investment are also accelerating among the US Hispanic population.
The report also revealed that overall US Hispanic household wealth inched upward in 2017. The median net worth of Hispanics rose to $20,600 in 2016 from $13,700 in 2013.
There is still progress to be made in terms of savings and investments. The report showed that 83% of all Hispanic millennials have nothing saved for retirement.
Similarly, many Hispanics of all ages, even those with permanent residency status, hold off on making long-term financial commitments, such as retirement savings or purchasing a home, because of the current political environment and uncertain immigration policies, according to the study.
What does this mean for marketers?
- Hispanic First Time Home Buyers – Mortgage and real estate marketers need to consider the Dataman Group Hispanic First Time Home Buyers List. There are over 520,000 Hispanic first time home buyers in the United States. This is a great group of prospects for real estate and mortgage companies with reach into the Hispanic community via direct mail.
- Hispanic Homeowners – Any business that works with the Hispanic community can target selected members of this group using direct mail. Hispanic Homeowner lists can target Hispanic swimming pool owners, Hispanics with homes over $200,000, or Hispanic homeowners who are likely in need of refinancing.
- Hispanic Telemarketing lists – Lots of options for marketers looking to reach Hispanic households by phone. Scrubbed telemarketing lists are available for both landline and cell phones.
Bottom line, marketers need to keep the hispanic home ownership market segment at the forefront of their efforts and test different creative direct mail packages or phone scripts to see which resonates best.