UNDERSTANDING THE HISPANIC CONSUMER

Hispanics dominate US population growth, but the explosive growth of the US Latino population extends beyond traditional metropolitan receiving areas like Los Angeles, Houston, Chicago and Miami. While 58% of Latinos live in 10 major metro areas, 42% have dispersed to areas not commonly accustomed to receiving clusters of Hispanics, including suburban fringes, small cities and towns, rural areas, and Southern states. Although presenting challenges to local resources, these newly established communities often bring economic life back to areas sorely in need of revitalization.

HISPANICS NOW OUTNUMBER AFRICAN-AMERICANS

• The U.S. Hispanic population grew to 37 million in July 2001, up 4.7% from April 2000, while the African-American population increased by 2% in the same period, to 36 million.
• Hispanics account for 13% of the population versus 12% for African Americans. (www.census.gov)
• U.S. Hispanic buying power will grow faster than African-American buying power (170%). (Selig December 2002)
• Between 1990 and 2007, the Hispanic population will increase by 125% compared to 13% for non-Hispanics. (Selig Center) THE SELIG CENTER RELEASES NEW ESTIMATES
• In 2002, the Hispanic buying power totaled $580 billion - By 2007, the estimated Hispanic buying power will reach almost one trillion dollars ($926.1)

REAL ESTATE AND HISPANICS FACTS

• Foreign-born households bought nearly 8% of new homes and 11% of existing homes from 1998 to 2001.
• Immigrants were 12% of first time buyers in 2001 and buy more expensive homes on average than US.-born First time owners, says the Harvard University Joint Center for Housing Studies.
• Texas A&M Mailer surveyed more than 4,000 Texas residents about housing preferences. Hispanics had the least experience with home buying, were more likely to seek advice from family, and wanted a sales agent/loan officer who speaks Spanish.