Arizona’s housing market isn’t the only thing booming. So is Hispanic homeownership, according to a new market research report.
“Arizona is adding Hispanic homeowners faster than any other state in the nation”, said Marcela Fuentes, treasurer at the Tucson Association of Realtors. “The Hispanic community in Arizona is investing and consuming more and contributing to higher homeownership. Between 2020 and 2040 it is estimated that 70% of the new homeowners will be Latino.”
The recently released 2021 comprehensive Hispanic Market Research Report — covering Pima, Santa Cruz and Cochise counties — shows that in the past 10 years, homeownership among Tucson-area Hispanics has grown 12%, while homeownership has declined 11% for non-Hispanics.
In Pima County, 1 in 4 households is Latino, with over 100,000 homeowners.
“The Latino homebuying market is very significant,” Fuentes said. “Southern Arizona is prime for growth and the future is bright for homeownership. This year alone, the number of Latinos seeking to invest or buy property is almost three times as many as not-Hispanic, white buyers seeking to buy or invest in property.”
However, Fuentes explained that declining affordability has had a significant effect on homebuyers, mentioning that among the Latino community, not being able to save enough money for a down payment is the biggest challenge to owning a house.
Beyond housing, the 2021 report contains information on services and products purchased by the Hispanic community, in topics such as educational attainment, health care and tourism in an effort to assist businesses in reaching the fast-growing Hispanic market in Southern Arizona.