In 2015, there were 245,000 new owner Hispanic households that entered the market, within a fast growing population segment that remains largely untapped. The purchasing power surge, a significant entrepreneurial focus matched by sizable income gains has ensured that Hispanic housing trends have gone against the otherwise national plunge. Even with Pew Research Centre observing a harder reality for blacks and Hispanics with regard to mortgage access, the trends still lay claim to a market segment that still lies untapped.
Increased Rents Costs Driving Hispanics to Home Ownership
A majority of the Hispanics are being pushed to home ownership due to the ever increasing rents. This might not necessarily mean that Hispanic housing will be entirely defined by home ownership due to affordability issues, but it means that marketers and sales directors have an opportunity to engage with them and offer products that can fill the gaps.
High Cost Lenders are a Hindrance
Even though members of the community are eager to own homes and build wealth, one major deterrent for most families remains high cost lenders. For a population group that values family bonds and attachments, they seek homes that can be affordable as well as appreciate in value. Avoiding the trap of foreclosure is everyone’s concern and those seeking to market products for Hispanic housing must be sensitive to the needs and the purchasing power of each Hispanic sub-group.
Marketers Can Utilize Unique Content
Marketing, digital marketing and sales directors have a deep knowledge of marketing but they may not be specialized in the Hispanic housing market. They need to learn about this target population and develop unique content that can go beyond mere translations of adverts from English to Spanish. They should seek the services of companies that specialize in clients who need to increase their market share in the U.S. Hispanic Market through online strategies, but find it challenging. These should be services that drive new Latino customers and turn a company’s online channels into magnets specifically aimed at Hispanics.
Hispanic Millennials will Inform Hispanic Housing Trends
With the purchasing power of Hispanic millennials rising in step with greater taste for class and style, it would be noteworthy that targeting this group will determine housing product sales. Nielsen notes that this group has a great disposable income with shopping styles informed by a unique multicultural taste. Targeting them with customized advertising content and products remains key.