Hispanic Women are 'the New Power Buyer,' Key Decision Makers: Report
According to new research, 91 percent of Hispanic women, deemed "the New Power Buyer," believe that purchasing a home is the best financial investment that a person can make, and they're making strides toward acquiring their desired homes.
Better Homes and Gardens Real Estate and the National Association of Hispanic Real Estate Professionals (NAHREP) conducted a survey, published Sept. 21, which found that Hispanic populations have become a catalyst for the U.S. housing market. The data from the survey asserted Hispanic women are an indispensable segment when it comes to home buying, based on their perceived roles within the home.
More than 1,000 Latin American/Hispanic women ages 25 to 60 were surveyed, revealing that 91 percent of respondents think buying a home is likely the best financial investment that they can make, and said respondents are moving toward their goal of home ownership.
Approximately 61 percent of Latina respondents believe that they will play a larger role than their partner when it's time to purchase a home. Additionally, 59 percent of respondents indicated that they'll likely research homes to visit, 58 percent will research communities or neighborhoods, and 54 percent will research finances, such as mortgage options (43 percent). The surveyed women indicated that they were responsible for 69 percent of household purchase decisions over $100. Furthermore, one-third of respondents indicated they are in charge of all such decisions.
"Historically, we've been able to broadly project the influence the Hispanic demographic would have on our industry by the sheer population growth alone," Sherry Chris, president and CEO, Better Homes and Gardens Real Estate LLC said, according to a press release. "However, it's vital to understand that Latina women in particular are a driving force behind decisions related not only to the home, but the actual home-buying transaction process.
"It's our responsibility to educate the industry on the primary roles these women have taken on as primary decision makers. There is no better partner than NAHREP to help us discover and share this important information."
Hispanic women aren't only keen decision makers, but the overall Hispanic population will drive a significant amount of real estate activity in the nearby future. Nearly half believe they'll live in their current home for just five years or less, signifying an interest in moving on to a different home. More than half of respondents plan to rent out their home as an additional source of income. Moreover, 84 percent of non-homeowner millennial respondents, as well as 66 percent of those surveyed, indicated they're confident they'll be able to purchase a home at some point in their lifetime. Most believe that they'll be able to buy a home within the next three years.
NAHREP, which is dedicated to helping the Hispanic population achieve homeownership and receive real estate education, used the survey as an opportunity to focus on the Latina demographic. Also, they'll help the industry to better understand "the nuances surrounding the modern Hispanic woman as a consumer and how she's impacting her family's lifestyle within the home."
Bilingual Hispanic women value the Spanish language when it comes to participating in a home transaction. While 61 percent of respondents don't believe it's important that real estate agents speak Spanish, 39 percent believe that agents should value the Spanish language as part of Latina's culture, tradition and identity. Those who prefer Spanish-speaking agents believe a Spanish-speaking sales associate would help them to better connect with extended family members who play an active role in the transaction process.
When it comes to entertaining at home, 87 percent said they would like their home to be the main gathering space for family celebrations. Roughly 62 percent of respondents said they would buy a home with room for more people than those who currently live with them, to accommodate guests, parents, grandparents or other extended family members.
Some additional important findings offered by the survey include: 34 percent of respondents indicated they would rather have a less desirable home closer to their family than chose a dream home, no matter the location. Additionally, Latinas value certain luxury amenities to ensure that their families live comfortably. Half desire an in-ground pool, 50 percent would like a gourmet chef's kitchen, 47 percent want a spa-like bathroom, 31 percent desire a "smart" home, 29 percent long for an outdoor kitchen and 29 percent want a built-in home theater system.