Increase In Southern California Latino Homeowners.

The number of Latino homeowners has significantly increased in recent years, while the number of Non-Hispanic white homeowners has remained the same. In 2003, Latinos made up 31 percent of all households in Southern California and 25 percent of homeowners. About half of all Latino homeowners purchased within the last five years.

These study results were presented as part of the Richard S. Ziman Center for Real Estate’s Commercial Real Estate Conference held at the Skirball Cultural Center in Los Angeles. The Ziman Center is one of six key centers of influence at UCLA Anderson School of Management.

“This study reveals that the changing demographics of Latinos in California demonstrate the importance of this group of new homebuyers,” said Paul Ong, Ziman Center research fellow and director of the Ralph and Goldy Lewis Center for Regional Policy Studies at UCLA.

The Ralph and Goldy Lewis Center for Regional Policy Studies at UCLA conducted a public opinion survey this year regarding Southern California homebuyers. They found that nearly a quarter of Latinos surveyed moved up from being a renter to purchasing a home. They also found that approximately half of all Latino homeowners made a home purchase within the last five years.

According to survey, Latino homebuyers cite a diverse set of personal and economic reasons for moving into their current neighborhood. First-time buyers surveyed noted they selected neighborhoods with affordable homes. Repeat buyers report that they are more likely to look for better and/or bigger homes, as well as better neighborhoods. Additionally, two in five homeowners actively looked for a home in other neighborhoods, but could not afford the prices.

In addition to the residential focus, the study looked at Latino attitudes towards mixed-use development, finding that more than 60 percent of renters and about 47 percent of homeowners are supportive of multi-unit apartment complexes within two blocks of their domiciles. With regard to primary residence proximity of retailing centers, some 80 percent of renters favor the notion, while less than 40 percent of homeowners do.