More Latinos are becoming homeowners, but barriers remain

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LAS VEGAS (KTNV) – 700,000 Latinos live in Clark County and many of them are buying homes. In fact, a recent report from the National Association of Hispanic Real Estate Professionals indicates that Latinos nationwide are buying homes more than ever.

Today, nearly half of Hispanics are homeowners. But are they buying in Las Vegas? Tricia Kean, presenter of 13 Action News, found out!

“I definitely wanted to have at least three bedrooms in the house,” explains Hugo Organista.

PURCHASED IN NOVEMBER

He bought a house last November. He came to Las Vegas after struggling to find something in the Phoenix area.

“I realized I probably wouldn’t get what I wanted and I placed four offers on a house there, I was beaten by a cash buyer each time,” says Hugo.

Luckily, Hugo was able to grab this move-in-ready home near Boulder Highway and Tropicana. It’s a dream this Mexican native says he still can’t believe.

“When my family came here, we were eating pizza off the floor. We didn’t even have enough for a dining room table,” Hugo explains.

Hugo says he was able to buy a house at a young age thanks to his mother. He credits her for teaching him to work hard, save money, and pay his bills on time.

“You know, like she was dragging me to JCPenney to go pay cash with her credit card because she didn’t want him to be late. So, I grew up with that in mind,” Hugo says.

LATIN HOUSEHOLDS

“In 2021, we grew by 48, just over 48% in Latino households, and that should continue to grow,” says real estate agent Myra Rivera, with the local chapter of the National Association of Property Professionals. real estate.

She says Hugo is not alone. Over 650,000 Latinos have become homeowners nationwide between 2019 and 2021. And plenty of Latinos are buying right here in the Las Vegas Valley.

“I think over the last few years that I’ve been in business and just looking at the stats, those numbers have gone up every year,” Rivera says.

In fact, as of 2021, more than 40% of Hispanic adults age 45 and younger are ready for a mortgage.

“And in the next few years, we’re going to see a lot of these Latinos come into the market because now they’re ready. Their next step is to find a home,” Rivera says.

And she says many interested buyers are looking here because they want new construction.

FROM CALIFORNIA

“We get people from California, used to older homes, and they see Vegas homes mostly in the 2000s and they’re like, Oh, wow, this is new,” Rivera says.

Rivera admits it’s still a tough market for some Hispanic families. Many still have credit problems and are looking for homes at a lower price.

“Latino households are usually larger. They have a lot of kids or their parents living with them, so they need at least 3-5 bedrooms. Finding a 3-5 bedroom home at this low price. .is a bit difficult at times,” Rivera says.

But Rivera is happy to see the situation improving. She says many young Latinos see the advantages of buying over renting.

“You start to see the next generations or the next in the family buys younger or they modernize earlier… They see it as I invest, I modernize. My family needs it. They’ve not afraid of the process,” says Rivera.

Hugo says it’s encouraging to hear that Latinos his age and younger are learning anything is possible.

“It’s a testament to what happens when we start to address systematic injustices…Knowledge is like the first step. It’s like half the battle. Then the other half is putting it into practice. “, says Hugo.

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