According to a report from The State of Hispanic Home ownership Report, Hispanic home ownership rose to 47.5% in 2019. This was an increase from 46.2% in 2017.
This report indicates that Hispanics are the only ethnic demographic that increased their home ownership rate for five consecutive years. The report also found that new business starts and stock-market investments are also accelerating among the US Hispanic population.
Hispanics established 435,000 new households in 2019. This accounted for 31.4% of net growth in the U.S.
It is also true that 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.
Another important factor is down payment assistance. Lenders must also be willing to offer down payment assistance if they are truly going to help Hispanics and other minorities get on the property ladder.
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 4.9 million “mortgage ready” Hispanic millennials spread across the country. 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.
Finally, it’s important to test different creative direct mail packages or phone scripts to see which resonates best.