“Hispanics are one of the fastest growing demographics, and their prospects for homeownership and what they will seek from communities in a lot of ways will reflect the outlook for the entire country,” says Louise Keely, president of the non-profit think tank The Demand Institute, a joint operation of The Conference Board and Nielsen.
According to rismedia, more than any other single ethnic or racial group, between now and 2020, four out of every ten newly-formed households will be headed by someone of Hispanic descent. This demographic will be a major player in the housing rental and purchasing market with significant business implications.
Because of the housing crash, the homeownership rate among Hispanics dropped from 50 percent in 2007 to a current 44 percent, and continues to decline, says the institute’s report; but almost four million Hispanics want to purchase a home when they move, although only 1.5 million have sufficient resources to do so. Most of this demographic is urban, but more are moving to the suburbs for more space, better schools, more affordable housing and a place to raise their families.
Hispanics are often quite accepting of manufactured housing, and this report reflects opportunities for manufactured housing retailers and communities, as MHProNews understands. ##
(Photo credit:Pine Grove manufactured homes)
Article submitted by Matthew J. Silver to Daily Business News-MHProNews.