Growing Latino Housing Market Must Be Addressed

The growth of the U.S. Latino population is quickly creating an expanding Latino housing market that requires all types of new housing - single-family and multi-family homes, rental and purchased homes, and both urban and suburban units.

Henry G. Cisneros, founder and head of CityView, a real estate development company in San Antonio, Tx., was secretary of the Department of Housing and Urban Development (HUD) during the Clinton administration. He talks about the rise of the Latino market in an editorial appearing in Sunday’s Ocala Star-Banner.

New home construction is occurring in areas across the country, and here in Florida, that trend is clearly evident. Latino families have traditionally settled within established communities in large coastal cities and border regions, but they are now expanding into interior cities and rural areas as well.

This new and growing demand for homes will require that:

1. Florida home builders design homes and neighborhoods that satisfy the space needs of and appeal to these families
2. Housing-finance experts tailor Florida mortgage instruments to this group
3. Industry marketers imagine and implement new sales strategies
4. The housing sector in general institutionalize practices that will better serve the nation’s burgeoning Latino population

The volume of construction generated by such growth will be significant. Between 2000-2010 alone, an estimated 2 million more Latino families will be in the market for housing. Careful attention to the traditions of Latino households will increase in importance as home builders think through the practical implications of providing homes that respect this market.

Studies have shown that Latino families define their measure of advancement in our society - “the American Dream” - as revolving around home ownership.

The Florida population is exploding, and Latinos constitute a major part of that growth. Home ownership consistently ranks as one of the highest priorities for Latino families, and it’s clear that Latino ambitions for homeownership represent an opportunity for sustaining the growth of America’s housing sector.

Home builders must take care to find local themes that satisfy traditional preferences in locations as varied as the South Florida housing market, the Chicago area, New Mexico and Southern California. Each has traditions and heritage of architecture, colors and styles that stand out from the pack.

Builders who recognize the significance of Latino population growth for the housing market and the vast potential of Latinos as first-time home buyers will serve the needs of these home buyers as well as contribute to the economic advancement of their own communities.