Hispanic Population, Home Buying Surges

This article first appeared in the PB July 2003 issue of Pro Builder.

Young, on the move and 38.8 million strong, the surging Hispanic population is the nation's largest minority group, the Census Bureau reported last month.

From April 1, 2000, to July 1, 2002, the Hispanic population grew by 9.8% to 38.8 million. Significant for home builders, 26% of Hispanics told the Yankelovich Inc. Monitor survey they intend to purchase a house, an apartment or a condominium during the next 12 months, compared with 9% of whites. Hispanic homeownership reflects the upward trend, growing from 41% in 1994 to 47% in 2001.

Yankelovich reports that 79% of Hispanics agree that homeownership is an important "sign of success and accomplishment"and that 22% agree that "having a large, expensive home" signifies a "sign of success and accomplishment."

Other facts about the U.S. Hispanic population can be found in the new Census Bureau report The Hispanic Population in the United States: March 2002:

One in three Hispanics is younger than 18.

Half of all Hispanics live in central cities.

Approximately 26% of full-time Latino workers earned $35,000 or more in 2001.

Approximately 12% of full-time Latino workers earned $50,000 or more in 2001.

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