Millennials are the next largest cohort of homebuyers to hit the market. Next in line are Hispanics, except they don’t need any convincing to start buying homes. So merge the two groups and you get Hispennials, a portmanteau of Hispanic Millennials.
Hispennials represent 23.5% of the U.S. population, and 65% of the Latino Millennials are first generation U.S. born, according to New American Funding.
This means that one in five Millennials in the U.S. are Hispanic, which is a lot given that there are 75 million Millennials.
Along with Leo Pareja, director with the NAHREP and Broker/Owner with Leo Pareja Team, Keller Williams Realty and Luz Maria Zywiciel, president with NAHREP Consulting Services, Frank Fuentes, vice president of multicultural community lending with New American Funding, will dive into how lenders can better serves Hispannics, and Hispanic Millennials.
“New American Funding believes Hispennials are important because they will be more inclined to become homebuyers due to their unique culture duality—meaning they still possess a strong desire to become homeowners and see the value of building wealth via real estate, coupled with the fact that Hispennials will make up the largest segment of first time home buyers in many markets,” said Frank Fuentes, vice president of multicultural community lending with New American Funding.
Overall, it’s important to note that there will be nearly 6 million more Hispanic households in 2024 than in 2014, according to the Mortgage Bankers Association. And if you aren’t prepared to help them, you will get left behind.