Despite the continued housing and mortgage market volatility, many Hispanic Americans continue to actively seek homeownership, with the pressure to build generational wealth the driving force for 81% of respondents, according to the survey. Homeownership remains the largest driver of generational wealth in America, and Hispanic American homebuyers are set to represent an estimated 56% of all new homeowners by 2030, the findings showed.
Results of the Maxwell survey show more than a quarter (26.5%) are seeking long-term housing stability, while the same amount see an opportunity to earn passive income through Airbnb hosting or renting.
Eagerness to start a family or to provide a home for additional family, such as parents or grandparents, has 57% of Hispanic American first-time buyers looking to purchase a single or multi-generational home. However, low housing supply in a cash-driven market means inflationary prices continue to make it harder for first-time buyers to get a foot in the door.
Housing affordability, coupled with macroeconomic headwinds, also remain key blockers. The report found that rising interest rates have driven almost half (48%) to rush a home sale to avoid even higher rates, while a quarter have already had to back out of a pending property transaction, and 16% have decided to delay buying a house altogether and continue renting for now.