Why More Young Latine People Are Becoming Homeowners

Today’s housing market is challenging, to say the least. In the midst of what feels like a slew of impossible obstacles to buying a home, over the past few years, young Latine people have been snapping up homes in major cities and towns across the US. Latine people are actually the largest group of homebuyers under the age of 25 in the country, and seem to be finding ways to live the dream many of our parents and grandparents struggled to achieve.

Buying a home may seem like an elusive goal, thanks to high interest rates and home prices that continue to skyrocket, but savvy Latine buyers are making it happen. El Paso, TX-based real estate agent Audrey Gutierrez says she has seen the trend firsthand in her city. In fact, her decision to become a real estate agent stemmed from her own desire to become a homeowner.

“Growing up, I moved around a lot. We were not homeowners, and I saw what homeownership could provide people, so I wanted to achieve that for myself and others,” Gutierrez explains.

Throughout her career — particularly her time as a government employee — Gutierrez was able to gather a lot of information about what makes the El Paso area so desirable, as well as what people from all socio-economic backgrounds can do to become homeowners there and elsewhere.

Basically, it all starts with knowledge. Gutierrez says it’s important to know the economy and demographics in the region you are looking to buy a home. A bit of research can not only give you some insight into current economic trends related to the real estate market, but also help you figure out if there are any local programs in the area intended to help Latine families become homeowners.

Knowing the area well can also help when it comes to other considerations like what type of homeowners insurance you’ll need. State Farm®, for instance, can offer new homeowners a wide range of insurance products dependent on perceived risks and has local insurance agents who can help you figure out those needs.

A real estate agent with deep knowledge of the area you’re looking to purchase your home in can guide you through the research process to help you narrow down your search to the neighborhood that best fits your lifestyle and home needs. They can also connect you with other experts that will make your home-buying journey go as smoothly as possible.

“While not immune to inflation or resource disparities, El Paso is in a bubble where these issues are less severe,” Gutierrez says. “Homeowners here can afford decent-sized homes with access to neighborhood amenities, retail, and jobs that are usually within 30 minutes away.” . These factors should be major considerations when prospective homebuyers are deciding on a location to purchase a home that will offer a good quality of life without rendering them housepoor — and a good real estate agent should be able to inform their clients about each property’s pros and cons, Gutierrez says.

Once you’ve found the perfect location, it’s time to tap into all of the resources available to you, whether that be government programs and initiatives or teaming up with family and friends. “I’ve definitely seen an increase in young Hispanic homeownership in El Paso,” Gutierrez says. “Contributing factors include better access to information and the multi-generational support system in Hispanic culture, which strongly encourages education, homeownership, and securing a stable life.”

It’s exactly those cultural norms that seem to be driving the home-buying boom in El Paso and other similar cities. “It’s amazing to see how many young Hispanic people understand the benefits of homeownership and are willing to help each other,” she says. “Many buy homes with friends or as young couples, which reflects the cultural emphasis on community and support.”

Gutierrez also acknowledges that many homebuyers do rely on family members to help them with down payments and other costs associated with a home purchase, and that the growing impact of Latine immigrants in the US is also a contributing factor in the ability of young Latine people to purchase homes or even investment properties.”The increase in Latine homeownership is also fueled by awareness from nonprofit organizations and increased Hispanic representation in government,” she says. “Leaders from previous generations, who may not have owned homes themselves, are now encouraging young people by emphasizing the importance of homeownership for prosperity and stability.”

Of course, having the right team to usher you through the homebuying process is key. From putting together the perfect offer to selecting a reliable homeowners insurance provider, having knowledgeable and trustworthy experts in your corner can make a huge difference.

“Having the right real estate team is crucial when you’re ready to purchase a home. The right agent provides in-depth knowledge about the local market, understands legalities and regulations, solves problems, negotiates, and handles confusing and time-consuming paperwork,” Gutierrez explains. “A good real estate agent will connect you with the right mortgage broker who can explain loan programs, as well as the best homeowners insurance agent.”

And that is actually a pretty big deal. Because there are so many options out there, being able to rely on your real estate agent for recommendations is a huge benefit. Your real estate agent can direct you to someone like a local State Farm agent, whom you can even text for answers to quick questions on the spot.

“My advice to young homebuyers is to never be afraid to ask questions, be open to the process, and find a real estate team that will provide you with the best information and attention,” Gutierrez says. “Start speaking with real estate experts in your area as soon as possible to build the foundations for becoming a homeowner. Be proud of yourself for even considering homeownership and get started sooner rather than later.”