According to a report from The Hispanic Wealth Project, Hispanics are the only ethnic demographic to have increased their homeownership rate for three consecutive years.
Based on the report, the Hispanic homeownership rate rose in 2017 to 46.2%, an increase from 45.6% in 2015. 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.
What does this mean for marketers?
Mortgage, real estate and financial service marketers need to focus on Hispanic First Time Home Buyers, creating direct mail that specifically targets this market segment, using appropriate language, photos and offers.
There are over 500,000 Hispanic First Time Home Buyers in the United States. Marketers need to keep this market segment at the forefront of their efforts.
Dataman Group Direct, in Boca Raton, FL offers a Hispanic First Time Home Buyers list that allows mortgage and real estate brokers to target this highly responsive group. Marketers can call (800) 771-3282 for counts, pricing and additional information.