Jacksonville, Northeast Florida See Influx of Hispanic Home Buyers, Mortgage Applicants

We’ve already talked this week about how the Puerto Rican population is migrating from the Central Florida housing market to the Southwest.

Now, the Jacksonville Daily Record reports that the Northeast portion of the state is also experiencing an influx of Hispanic home loan applicants.

Overall, one of the fastest-growing home-buying groups in Northeast Florida, which includes the Jacksonville housing market, is the Hispanic community.

According to Ray Rodriguez of the Real Estate Strategy Center of North Florida, Inc., more than 50 percent of the Florida mortgages issued to the Northeast Florida Hispanic community in the first quarter of this year were for purchases of existing homes.

That figure is up from 44 percent in 2005 and 47 percent last year.

The Hispanic community is also buying homes that are reflective of the entire Florida real estate market, from a price perspective.

“The median price of the new homes bought by Hispanics was $217,000,” said Rodriguez. “The median price of the existing homes they bought was $147,500.”

Other figures on the Hispanic home-buying community include:

• 56 percent bought new, single-family homes at a median price of $258,400
• 24 percent bought new Florida condos at a median price of $154,00
• 16 percent bought townhomes at a median price of $167,900
• 4 percent bought villas at a median price of $180,600

“For the first quarter, only one existing condo was sold,” he said.

Rodriguez said Hispanics are causing a spike in Florida mortgage activity all over the area, but his research indicates it’s concentrated in five areas: Argyle, Kernan, New Berlin Road, Old Arlington and Orange Park.

SOURCE: Jacksonville Daily Record