Ferman Gonzales grew up on the south side of San Antonio, Texas, part of a large Hispanic community where developers used to be reluctant to invest.
Not so anymore.
Five years ago Gonzales, 34, and his wife bought a 2,429-square-foot, three-bedroom home in a neighborhood called Lago Vista. The couple fell in love with their home for its open floor plan and large front porch – design features developers put in place with the goal of attracting Latinos.
Latinos like Gonzales are helping to transform the U.S.housing market. Their surging numbers and high regard for homeownership are nudging builders and lenders to appeal directly to them.
By 2010 the country’s total of Latino households is projected to grow from today’s 10 million to 13.5 million. The overall rate of homeownership climbed in the 1990s to its highest ever at 68 percent, and Latino homeownership during that time rose faster than that of any other group, by 6 percent to 48 percent, according to the U.S. Census Bureau.
Immigration is not driving the growth, said Henry G. Cisneros, secretary of the Department of Housing and Urban Development during the Clinton administration, and now founder and chairman of CityView, a real-estate development company in San Antonio.
Latino families tend to be younger and larger, Cisneros said, and their numbers are growing.
“It is no longer an adjunct to the housing market. It is core business strategy,” said Cisneros, editor of the book, “Casa Y Comunidad: Latino Home and Neighborhood Design.”
Builders are responding with designs they believe will appeal to this new diversity in buyers. There are, for example, designs meant for multigenerational families who want more bedrooms, with bathrooms in hallways that everyone can share.
Some homes may include finished garages that can be converted into bedrooms. Others may include bedrooms both upstairs and downstairs, for elderly grandparents.
These homes may place kitchens at the center of the social space and include gas stoves suitable for traditional recipes. Home plans emphasize gathering spaces in front of the homes, allowing neighbors to socialize, said Fernando Pages Ruiz, a builder specializing in affordable housing for minorities in Lincoln, Neb.
