Homebuying Varies for Hispanic Households

By: Andrea Lehman: REALTOR® Magazine Online
Hispanics accounted for 13.7 percent of two- to four-unit residential owners in 2001, data from the U.S. Census Bureau and the U.S. Department of Housing and Urban Development show.

The high rate of Hispanics in the multifamily market can be attributed to the fact that they value real estate over other assets and generally live with relatives. The report also indicates that Hispanics made up only 7 percent of owners of other property types--mainly due to lower incomes, lack of knowledge about the mortgage process, and the young age of most of the Hispanic population.

Additionally, the study finds that 26.7 percent of Hispanics who own single-family homes do not have mortgages. In contrast, 33.9 percent of non-Hispanic homeowners are mortgage-free.