Key Highlights
- L’Attitude, national business initiative that weds US Latino cohort and New Mainstream Economy, reported that Latino homeownership boom coming within five years
- 50% of net growth in Latino homeownership
L’Attitude 2020, a conference held in San Diego at the end of September, brought together Latinos in business, media, politics, science and technology to discuss opportunities in The New Mainstream Economy over the coming decades. According to Forbes, Lattitude’s goal was “…to shed light to the biggest blind spot of the American economy.”
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Co-founder (with Sol Trujillo) and CEO of Lattitude and co-founder of the National Hispanic Real Estate Professionals, Gary Acosta indicated that 50% of the net growth in homeownership will come from Hispanics over the next five years compared to just 1.5% of non-Hispanic Whites. Acosta also noted that 40% of Hispanic renters intend to become homebuyers within five years.
Trujillo recently told Forbes that the US Latino market is “growing GDP at 8.6%, faster than China, faster than India and nobody talks about it.”
Per the 2020 Latino Donor Collaborative Report that produced the US Latino GDP Report, the size of the Latino market in the US when measured by GDP was $2.6T in 2018, up from $2.3T or +9% in 2017. This market, if its own country, would have the eighth largest economy in the world and the largest Latino market in the world.
With such Latino demand for housing, Acosta and Realogy head Ryan Schneider see tremendous opportunities for Latinos as professionals within the real estate industry as real estate agents/brokers, mortgage lenders and homebuilders. Schneider is now actively recruiting Latino agents.
Acosta underlined Latino demand for housing by saying that Latinos want a tangible asset that can provide a stable environment for their families. He also indicated that 25% of Latinos are more likely to invest in real estate than any other demographic group.
Thanks to Forbes, L’Attitude and CNBC.
Also read: Prices in Canada and United Kingdom Going Up, Podcast: 8 Biggest Reasons Most Teams (And Brokers) Fail. | Tim and Julie Harris, Hamptons Home Sales Continue to Explode in August
