Nicole Friedman
speaker
798 appearances
16 recordings
1 series
first heard Aug 2017
last heard Dec 2024
Nicole Friedman’s voice in public audio — every appearance, attributed to the second.
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And so the biggest increases in 2019 in Hispanic homeownership were in places like Durham, Chapel Hill, North Carolina, Boise, Idaho.
and Atlantic City, New Jersey.
So certainly there are really big populations of Hispanic homeowners in Texas and Florida, California.
You know, the biggest markets continue to be places like Houston and Orlando.
So the markets that are seeing the biggest growth are places that might have a lower cost of living or maybe have strong employment opportunities, places that aren't traditionally thought of as the hot areas for the Hispanic population.
It's a huge issue for all home buyers right now is that inventory, the number of homes for sale is at a record low.
So it is incredibly hard to find homes and then to actually win an offer.
Homes are getting, you know, 5, 10, 15, 20 offers.
And so it's really hard for buyers to compete.
And that tends to really hit the hardest first time home buyers and people that just don't have a lot of extra cash, people that are on a more limited budget.
Because if it gets into a bidding war, a competitive scenario, they can't necessarily throw in another $10,000, another $20,000 on top of what they've already offered.
And so we're definitely seeing that across the population of Hispanic homebuyers as well.
that this is a population that tends to have a slightly lower budget than the U.S.
population as a whole and also to pay less in down payments.
Hispanic homebuyers are more likely to use FHA loans, which are loans targeted usually at first-time homebuyers that allow for a lower down payment.
And so that means that in those competitive bidding scenarios, it is harder for people with lower down payments, people without a lot of
cash available to win those offers.
And so my experience talking to Hispanic real estate agents, people that work with Hispanic homebuyers, as they say, this is a really huge challenge right now for their clients.
So Hispanic homeownership has been growing for years and is largely due to the household formation growth, the youth of that population.
So that's already been kind of a strength underpinning the housing market for a couple of years.
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