Introduction
Hispanic and other underrepresented homebuyers can often face various obstacles in their path toward homeownership. Despite that, Hispanic homebuyers are a major force in the housing market1: studies suggest that by 2040, 70% of net new homeowners will be Hispanic.
With our dedication to helping homebuyers find joy in homeownership, we’re sharing the results of our research on the state of mind of today’s recent and intending homebuyers and what impacts their purchase decisions. We explore the differences in community aspirations of Hispanic recent/intending homebuyers versus the overall population, the wider homebuying population, and across generations and family composition.
As the first choice that Hispanic consumers would consider the next time they buy or sell real estate2, the CENTURY 21® brand is excited to work alongside the agents affiliated with the brand and their clients to advance Hispanic homeownership in the U.S.
1 2021 Urban Institute report “The Future of Headship and Homeownership”
Methodology
Century 21 Real Estate commissioned Ipsos to conduct an online survey of Americans ages 18-64 who are recent or intending homebuyers, defined below. The starting sample for this survey was a nationally representative group of n=6,020 U.S. adults ages 18-64. After screening, a total of n=1,041 recent and intending homebuyers completed the survey (n=500 and n=541, respectively), with samples among Hispanic (n=270), Gen Z (n=279), and Millennials (n=390). The survey was offered in Spanish as well as English. Qualified respondents fall into one of two categories:
- Purchased a new primary residence in the past two years. Those who purchased a motor home are excluded.
- Intend to purchase a primary residence in the next twelve months.
While many Americans feel it’s very important to have a connection to their local community, this sentiment is particularly true for Hispanic Americans.
WHAT DOES COMMUNITY MEAN TO YOUR CLIENTS?
HOW IMPORTANT IS IT TO THEM?
“I work a lot with Hispanic clients who place a strong emphasis on family and community. They also use collective action as a community. They can organize to advocate for their rights and address issues affecting them – such as education and healthcare. “
EVA ANGELINA ROMERO
Broker/Owner
CENTURY 21 Capital Properties
Nashville, TN
Home is more than the house – it’s pride, community, and connection
For Hispanic recent/intending homebuyers, a new home is a point of joy and pride as it signifies the ability to nurture their/their family’s future within a community.
Compared to all other recent homebuyers, Hispanic recent homebuyers report slightly higher levels of pride during the homebuying process.
This is particularly true for younger Hispanic recent/intending buyers, who report higher levels of both pride and joy.
After moving, 70% of recent Hispanic homebuyers feel a stronger sense of community connection after purchasing their home, versus 65% of all recent/intending homebuyers.
Hispanic Americans are looking for a community where support goes both ways
89% of Hispanic recent/intending homebuyers believe that home is not just your house, but the community you live in. For this group, community looks like a mutually supportive arrangement, where they can make a positive impact and receive help in return.
When asked about the different attributes they look for in a potential community, Hispanic recent/intending homebuyers are slightly more likely to prioritize feeling support, connection, acceptance and hope for the future versus the general population.
Recent/intending Hispanic Millennial homebuyers report slightly higher levels of agreement (versus other Hispanic generations) that it’s important to make an impact on their communities and on the desire to live where their families can thrive.
Quality of life and economic opportunity are priorities
For the Hispanic recent/intending
homebuyer, quality of life and economic
considerations are bigger priorities than being close to family.
Hispanic homebuyers over-index on moving for a better cost of living (+9), and under-index on moving to be closer to family (-11) — potentially indicating that they’re prioritizing the family they are creating versus their family of origin.
Ultimately, the community matters more than the house itself
Hispanic homebuyers believe the community they live in plays a key role in achieving the American Dream for themselves and their families.
They are slightly more likely than general homebuyers to prioritize a dream community over a dream house.
Hispanic homebuyers plan more civic participation in new communities than other recent/intending homebuyers
Being involved in the community is a key part of participating in the American Dream for Hispanic recent/intending homebuyers.
95% of Hispanic recent/intending homebuyers say it will be important to get involved in their new community, and those with children in the home are slightly more likely to plan to get involved than those without.
The American Dream of community takes on even more significance when considering the ways Hispanic recent/intending homebuyers plan on getting involved. Almost a third (32%) say they are or will get involved in local politics, the highest incidence among all respondents. They overindex +6 versus all recent/intending buyers.
This group is slightly more likely to want to get involved by attending local events and to report the desire to get involved in school committees.
Hispanic recent/intending homebuyers are looking for agents who can help guide and support them through the homebuying process with a deep understanding of their cultural needs.
Recent Hispanic homebuyers over-indexed on guidance from their agent (35%) versus other homebuyers (30%) when it comes to getting to know the local community. They also are slightly more likely to look for an agent’s ability to give tips on funding opportunities or grants.
The CENTURY 21 brand boasts a strong presence in the top 5 states with positive Hispanic net migration according to the 2023 NAHREP State of Hispanic Homeownership Report. That in addition to nearly 10% of the CENTURY 21 network speaking Spanish, positions the brand as an unparalleled resource for Hispanic homebuyers.
We look forward to helping this community of individuals grow by better serving their unique needs.
2. Study Source: 2023 Ad Tracking Study (Hispanic Audience). The survey results are based on 313 online interviews with a national random sample of adults (ages 18+) who are equal decision makers in real estate transactions and active in the real estate market (bought or sold a home within the past two years or, plan to purchase or sell a home within the next two years) from Spanish, Hispanic, or Latino background/origin. The study was conducted by Kantar Group Limited, a leading global market research organization, from November 17- December 1, 2023.
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