Hispanics Are More Likely to Expect to Buy a Home in Three Years, Despite Mortgage Concerns

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Consumer Research & Analysis

October 17, 2013 Topic Analysis: Hispanics Are More Likely to Expect to Buy a Home in Three Years, Despite Mortgage Concerns 

A recent research study from Fannie Mae’s Economic & Strategic Research Group investigates the attitudes toward homeownership and getting a mortgage, as well as expectations for future homeownership, among the U.S. Hispanic population — the country’s fastest growing population, which is projected to account for most of U.S. population growth through 2060. 

Data from Fannie Mae’s National Housing Survey highlight the attitudes among the Hispanic population to offer a better understanding of the potential impact of this fast-growing population on future homeownership demand. 

Findings show: 

  • Hispanics are more likely than the general population to prefer owning over renting and to expect to buy a home in the near term.
    • At 91 percent, Hispanic homeowners are as likely as the general population of homeowners to say that owning makes more financial sense than renting.
    • The share of Hispanic renters who say owning makes more financial sense stands at 88 percent as of the fourth quarter of 2012, well above the 71 percent share for renters as a whole.
  • However, Hispanics consistently have been much more likely than the general population to express concerns about their ability to get a mortgage.
    • Sixty-three percent of Hispanic homeowners believe it would be difficult to get a home mortgage today, compared to 40 percent of the general population of owners.
    • Despite a greater concern about their ability to get a mortgage, Hispanic owners and renters both are more likely than their general population counterparts to expect to buy a home in the next three years. 

Fannie Mae's Topic Analysis Reports provide deeper insights into one or more housing issues based on the compilation of three monthly National Housing Survey samples. The National Housing Survey polls more than 1,000 homeowners and renters each month to assess their attitudes toward owning and renting a home, the current state of their household finances, views on the U.S. housing finance system, and overall confidence in the economy. The three monthly survey studies that make up any given Topic Analysis Report are identical in wording and placement of questions. 

On this webpage you will find a link to an FM Commentary from Sarah Shahdad, Economic & Strategic Research Analyst, that provides key insights from the study results, as well as a survey results deck, a data summary of responses to questions asked, technical notes providing in-depth information about the survey methodology, the questionnaire used for the survey, and a comparative assessment of the Fannie Mae National Housing Survey and other consumer surveys.

Downloads and Related Links

FM Commentary
Presentation About National Housing Survey Topic Analysis Focus (PDF)