Hispanic borrowers growing in influence

Despite the continued housing and mortgage market volatility, many Hispanic Americans continue to actively seek homeownership, with the pressure to build generational wealth the driving force for 81% of respondents, according to the survey. Homeownership remains the largest driver of generational wealth in America, and Hispanic American homebuyers are set to represent an estimated 56% of all new homeowners by 2030, the findings showed.

Results of the Maxwell survey show more than a quarter (26.5%) are seeking long-term housing stability, while the same amount see an opportunity to earn passive income through Airbnb hosting or renting.

Eagerness to start a family or to provide a home for additional family, such as parents or grandparents, has 57% of Hispanic American first-time buyers looking to purchase a single or multi-generational home. However, low housing supply in a cash-driven market means inflationary prices continue to make it harder for first-time buyers to get a foot in the door.

Housing affordability, coupled with macroeconomic headwinds, also remain key blockers. The report found that rising interest rates have driven almost half (48%) to rush a home sale to avoid even higher rates, while a quarter have already had to back out of a pending property transaction, and 16% have decided to delay buying a house altogether and continue renting for now.