“El Chapulin Colorado” was one of the most popular Spanish-language TV series in the 1970s. The protagonist is a superhero “red grasshopper” who, despite often insurmountable obstacles, becomes our champion.
Similar to the hardworking and industrious Chapulin, Latinos are the emerging champions of homeownership over the past decade. According to the National Association of Hispanic Real Estate Professionals’ (NAHREP) State of Hispanic Homeownership Report, Latino homeownership rates have been steadily increasing over the past eight years, reaching nearly 50% in 2022. Latinos alone added a net total of 349,000 homeowner households, one of the largest single-year gains for Latinos in the past decade.
It’s not surprising that homeownership among Latinos has been trending upward in recent years. El Chapulin’s teachings can help illustrate why.
Siganme los buenos/Follow me, good guys
Latinos are willing to go where opportunities exist. Add to this remote work making it easier to live in more affordable areas, and you will understand why the good guys are following the path to new areas. According to the 2022 Movers Study, Southern states remain the primary areas for those moving, with top destinations being South Carolina, North Carolina, Tennessee, Arizona and Florida.
Todos mis movientos esta friamente calculados/My every move is cooly calculated
Latinos as a demographic are young, increasingly educated, and growing their earning capabilities through asset diversification and education. Not only are Latinos buying homes at a younger age, but many of my clients are purchasing investment properties and buying multiple homes. Their growing incomes allow them to pay off their loans faster. To support these efforts, we need better home improvement loan products and renovation loans with low down payments.
No contaban con mi astucia/You weren’t counting on my smarts
Despite the rising cost of housing, Latinos have found creative ways to purchase a home. They believe the best way to acquire wealth is through homeownership, preparing at a younger age, fulfilling their responsibilities and establishing credit. According to Freddie Mac, 33% of Latinos 45 years and under have the credit characteristics to qualify for a mortgage. And a third of Latinos who are renting are mortgage-ready now—the most of any ethnic group.
Los sospeche desde el principio/I suspected it from the very beginning
According to a Morning Star report, nearly 70% of Hispanic households aren’t saving for retirement through traditional 401(k) options. Progress needs to be made in diversifying Latino wealth portfolios to not rely solely on homeownership, which caused many to lose much of their wealth during the housing crisis of 2008.
Que no panda el cunico/Don’t panic
Even with higher interest rates, Latinos still see homeownership as the better alternative to renting. Bank institutions need to offer loan programs that support and encourage homeownership, including credit-building products. Their loan staff should be representative of the communities they serve.
For more information, please visit https://nahrep.org.
Great article and the voice of a great lider Diana Cifuentes love her philosophy and concept of El Chapulín Colorado connected with the Latinos hungers of success ether on Real Estate or in life.