Young Latinos will make up half of all new home buyers in the next 20 years, according to The Center for Responsible Lending.
NBC News reports that millennial Latinos are far behind their white peers in homeownership-- about 51 percent of 25-to-34-year-old non-Latino white millennials owned homes in 2013, compared to only 27 percent of Latinos. But that will start to change as more Latinos, who are younger on average than other ethnic groups, begin to reach home-buying age.
The State of the Nation’s Housing, an annual report by the Joint Center for Housing Studies at Harvard University, reported that minorities will drive three quarters of the 13.6 million household gains in the decade of 2015-2025. Hispanics will account for one third of those gains.
But this growth will only happen if housing is affordable for this young demographic. Many young Latinos live in cities, where prices are simply out of reach.
If Hispanic millennials don't see an increase in buying, there is a potential to "jeopardize the housing market and everything tied to it — economic security, wealth building and all that that entails," said the Center for Responsible Learning's Scott Astrada.
