Fannie Mae's National Housing Survey examined the attitudes among the Hispanic population toward homeownership, getting a mortgage and the expectations for future homeownership, in order to have a better understanding of the potential impact of this fast-growing population on future homeownership demand.
In their report “Hispanics: A Key Driver of Future Homeownership Demand” they show that “Hispanic expectations for buying in the next three years are an encouraging sign for the ongoing housing market recovery.”
Over the last two years, Hispanics have become more likely than the general population to say that lifestyle benefits are the best reason to buy a house. Hispanics are more likely to prefer owning, particularly for lifestyle reasons:
Hispanics are likely to be drawn to the financial benefits of homeownership:
Among Hispanics who earn less than $50K per year, 75% have a perceived difficulty of obtaining a mortgage, that number drops to 50% with those earning over $50K. The study also looked at age as a perceived factor in obtaining a mortgage:
Hispanic owners (27%) and renters (53%) both are more likely than their general population counterparts to say they plan to buy a home in the next three years