- Most Hispanic new homeowners are young (between 18 and 34) and equally likely to be married or single.听 Less than half have school-aged children.
- 60% of Hispanic new homeowners make more than $50,000 per year, including 29% making over $100,000 per year.听
- Recent Hispanic homeowners tended to buy homes in suburban areas
- As is the trend in the market at large, 39% of recent Hispanic homebuyers paid over the asking price, and only 25% paid under the asking price.听 43% also went over their original budget.
- More than half of Hispanic recent homebuyers were first time home buyers
- Most Hispanic homeowners who bought within the last year were satisfied with their purchase, with 55% feeling as though they neither under or overpaid for their home.
- The pandemic was influential in 57% of Hispanic recent homeowners鈥� decision to buy
Successfully purchasing a home in the last year is a feat worth recognizing. Realtor.com surveyed 1000 homeowners who bought their home within the last 12 months to learn more about their experience. The market conditions over the last year have been tough for the vast majority of homebuyers. On average, 35% of the new homeowners surveyed bid over the asking price, with 39% exceeding their original budget. The average new homeowner had to participate in over 2 bidding wars in order to secure their home. In honor of Hispanic Heritage Month, we will zoom in on the demographics and experience of Hispanic homeowners who have successfully purchased a home in the last year.
Who is the average Hispanic new homeowner?听
The average Hispanic new homeowner is young.听 Of all the Hispanic respondents, 66% were ages 18-34 compared to 44% of the total survey pool.听 Interestingly, only 13% of new Hispanic homeowners are 55 and older, versus 25% of the total survey pool.
The vast majority (97%) of Hispanic homeowners who have bought in the last year have at least a high school education, and 60% make over $50,000 a year. Interestingly, 70% of Hispanic new homeowners are employed (whether part or full time) versus just 64% of new homeowners as a whole.听 The difference here lies in the retired population.听 About 14% of new homeowners in the U.S. are retired, versus just 7% of Hispanic new homeowners.
Hispanic new homeowners are equally likely to be married or single.听 The average U.S. homebuyer in the last year is most likely married (51%) while only about 40% of Hispanic homebuyers who purchased a home in the last year are married.听 The proportion of Hispanic homeowners who are single is 11% higher than U.S. homeowners generally (40% vs 29%).听 Importantly, 45% of Hispanic new homeowners have school-aged children they had to consider when buying their home.听听
What homes did Hispanic new homeowners buy?
More than half (54%) of new Hispanic homeowners were first time homebuyers. Additionally, more than half of all new homeowners (Hispanic included) purchased a home in the suburbs.听 Of all recent homebuyers, 29% bought in urban areas and 35% of Hispanic recent homebuyers bought in urban areas.听
Hispanic homebuyers largely bought their homes for less than $350,000, though 25% paid below asking price, and 40% paid over.听 Of all Hispanic new homeowners, 67% put in between 1 and 4 offers before successfully securing a home, and 69% took part in a bidding war, both of which are more than was standard for most new homeowners.听 However, the overall sentiment is positive as Hispanic new homeowners tend to feel that they paid the right amount for their home.
How did the pandemic affect new Hispanic homeowners?
The pandemic was influential in 57% of Hispanic homeowners’ decision to buy. Most Hispanic new homeowners already were planning to buy before the pandemic, but a higher proportion decided to buy due to the pandemic than the proportion of the total population.