According to a report from The Hispanic Wealth Project, Hispanic home ownership rose to 46.2% in 2017. This was an increase from 45.6% in 2015.
This report indicates that Hispanics are the only ethnic demographic that increased their home ownership rate for three consecutive years. The report also found that new business starts and stock-market investments are also accelerating among the US Hispanic population.
Consequently, the 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.
In the same vein, many Hispanics of all ages, even those with permanent residency status, hold off on making long-term financial commitments. This includes retirement savings and home purchases, due to concerns with the current political environment and uncertain immigration policies.
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. These are great prospects for real estate and mortgage companies who want to reach into the Hispanic community with direct mail.
- Latino 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 – There are lots of options for marketers looking to reach Hispanic households by phone. Most importantly, we recommend using scrubbed telemarketing lists for both landline and cell phones.
Bottom line, marketers need to keep the hispanic home ownership market segment at the forefront of their efforts. It’s important to test different creative direct mail packages or phone scripts to see which resonates best.