While this certainly isn’t the traditional way to display your love and commitment, couples are now choosing to wait on their engagement in order to buy a home first. New York Times Real Estate recently reported that couples ready to be married, but rent in some of the most expensive cities are now waiting on their vows to buy that home first.
HousingWire recently posted an interesting summary about the NAHREP (National Association of Hispanic Real Estate Professionals) Report: The State of Hispanic Homeownership 2011.
The NAHREP Report talks about the housing market environment in general, but emphasizes the fact that the growth of Hispanic purchasing power can’t be ignored.
Some of the facts included in this report are:
- Purchasing power among Hispanics rose to $1.1 trillion in 2011. This shows that this segment of the population will continue to gain power and influence in the housing market and economy, in general.
- According to Census Bureau data, Hispanic homeowners accounted for 53% of the 545,000 new owner-occupants in the third quarter of 2011.
- According to a 2011 Fannie Mae survey, roughly two-thirds of Hispanic renters plan to buy a house in the long run.
You’re probably are asking yourself, “How does this affect me?” Well, this could affect you as a consumer via an increase in home prices. In other words, if you were thinking about buying a home and thought prices were going to stay low for a while, you could be wrong. Since prices are lower than before the housing market crisis, people who formerly weren’t able to afford homes are now able to achieve their dream of owning a home, creating more competition and driving up prices.
And, if you’re a business owner, the NAHREP report may reinforce the idea of targeting your marketing to the Hispanic segment, and it’s massive buying power, to help your business grow.
Interesting info, for sure. If you want to learn more about NAHREP and other previous reports, check out their site at nahrep.org.