Current and Future Roles of Hispanics in Magnolia TX Real Estate

In recent years real estate gurus and survey groups have noted the emerging importance of Hispanics in the growth of both nationwide and local Magnolia TX real estate. “Despite recent losses suffered by Hispanics during the housing crisis, young Latino families that were unaffected by foreclosure or lost home values, are ready to enter the market,” said Carmen Mercado, president of the 20,000-member National Association of Hispanic Real Estate Professionals (NAHREP). “When they do, they will have an exponential impact on housing sales.”

The reasons for this optimistic outlook for the Magnolia TX real estate market are varied, but basically are based on:

  • Population growth:  The Hispanic population expanded 3.5 times between 1980 and 2010. Since 1980, more than two in five (44 percent) persons added to the U.S. population have been Latino. They now represent a growing portion of the age group 26 to 46 years of age that are involved in most home sales.  Hispanics have been responsible for most of the overall population growth in the country over the past decade.
  • Increased spending ability:  The Hispanic market made up over 50 percent of real growth in the U.S. consumer economy from 2005 to 2008. During that time span, the $52 billion in new Hispanic spending outpaced the $40 billion in new spending by non-Hispanics.  And perhaps more importantly, they have accounted for more than half of the real growth in the U.S. consumer economy from 2008 to 2011.
  • Role in the labor force:  Latinos filled 1.4 million or 60 percent of the 2.3 million jobs added to the economy in 2011 and are expected to account for 74 percent of the growth in the nation’s labor force from 2010 to 2020.
  • Mobility:  Hispanics are mobile and willing to relocate where employment is available.  Over the past decade many of the largest cities in the U.S. would have declined economically without the influx of Hispanics.
  • Motivation and attitude:  Latino attitudes about ownership of Magnolia TX real estate are an important key indicator in this housing trend. National housing surveys indicate that Hispanics are more motivated than the general population to buy a home for both emotional and financial reasons.

“New household growth will be substantially greater for Hispanics than for any other demographic group in the country,” said David Stevens, president of the Mortgage Bankers’ Association.

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