U.S citizens of all shapes, sizes, colors and income levels were affected by the housing crisis over the past five years, but things are starting to change for many specific demographics. Among this is the rise of homeownership of Hispanics. According to recent survey results, Latinos could lead the housing market back into a healthy state as they currently make up just over 50 percent of the new homeowners to purchase property sales in the past year. Jacksonville and other areas of Florida are especially experiencing this benefit in the housing market, as there are so many Hispanic residents living in the State of Florida.
The number of first time home-buyers is on the rise across the First Coast thanks to the increase in the number of inexpensive property sales in Jacksonville, as well as the number of Florida foreclosures and short sales available in the area. Some look at first time home buyers as having an advantage in the current housing market, as they will not have purchased a home at the height of the market that would have lost value over the past several years. This means that first time homebuyers have the advantage of entering the market while prices are at a low-point.
According to certain estimates, there are more than two million new Hispanic homeowners now than there was in the year 2000. This is an incredibly large increase, adding up to more than a 50 percent increase in homeownership. The current purchasing power of Hispanic homeowners in the United States exceeds one trillion dollars. These numbers indicate that Hispanic populations alone control enough of the current housing market to drive the housing economy.
Now is a great time for new homeowners to enter the property market, Hispanic or not. For more information about property sales or foreclosures in Jacksonville, contact your real estate specialist.