Asian & Latino Families Are Buying Most of the Houses in America

Asians and Hispanics show the largest growth in home ownership over the past 10 years in America but why is that let's talk about it you know we love the houses the love the property the real estate yeah for me I just want to live with my family in a big Casa uh we got to talk about it USA Today says what's behind the spike in home ownership rates between asian-americans and Hispanics Andrew this sparked a ton of different conversations about different living patterns people willing to move geography but also just different culture in en and also the pressure to live up to Immigrant expectations make sure you like subscribe turn on your notifications also check out smile last sauce from San to Sicily Andrew let's take a look at this chart right here over um the last couple decades Andrew asian-americans and Latinos have had huge jumps in home ownership well not I mean just even since let's just started at 2016 right here Asians and Latinos have seen a steady rise obviously everybody has seen a rise but uh the biggest rise is by Latinos and Asians um covers one family story uh the Lopez family they uh uh two a couple bought it and now they're brother's family also lives with them in one house they're achieving their American Dream very happy for them I I guess David is there are people wondering why I mean I feel like that there's certain obvious reasons and then maybe some not so obvious reasons well interestingly enough I believe this article may have been encouraged to be written by the US Realtors Association but the US Realtor Association and they have a la Latino division a Asian division African-American Division and of course I don't know if they have a white division maybe that's just like the default race of the Realtors associ does that mean that the article is false probably not FAL no no it probably not doesn't mean it's false but it's probably potentially influenced to be written in a way to encourage more home ownership I'm not saying home ownership is bad by the way but I'm going to get into it my thoughts on it uh however the article did still say there's still a large racial disparity between the percentage of minority homeowners and their white counterparts due to variations in income education and access to resources um here are some quick thoughts Andrew Asians and Latinos I'm not saying they weren't in Texas I'm not saying they weren't in California but the majority of America's Asian and Latino population has arrived in America post 1970 so this is relatively recently right cuz America's what 300 years old we're talking about these populations are new to America 50 years yes that means a lot of us for including me and you Andrew our parents are from Asia just like a lot of Hispanics that we know a lot of their parents were born in Latin America in in Latin America yeah don't doesn't that mean that we're immigrant kids so we got a lot to prove yeah yeah I think it is yeah we are built in definitely have some of the Immigrant mindset passed down of course if you look at a lot of Asian and Latinos they are not involved in D1 sports or pro-american Sports as much yeah no definitely not as many Asians and not as many uh not involved in the entertainment Industries typically either not as much yes uh uh lower even than the proportional rates would be so I guess what I'm saying is a lot of Asians and Latinos are working more like structural I guess like I don't want to say unglamorous jobs but just not jobs that kids dream about having growing up right you know how like there's jobs that kids get pulled to like dream about having I think a lot of Asians and Latinos have jobs that are good jobs important jobs but not necessarily like pop culturally glamorous you're saying like not that many kids are like I want to be a civil engineer when I grow up right I I want to be a construction foreman right or I want to be a land have like a two a landscaping company right right yeah I mean those are yeah um also but a lot of people were also bringing up and that a lot of Asians and Latinos live in multi-generational households like you know what I mean like uh maybe the brothers or the cousins or the grandparents they could all contribute and pull their incomes together okay do you agree with that though cuz they're obviously immigrants they have a different lifestyle pattern which can contribute to I guess alleviating some of the the costs yeah for sure I mean if you look at the Hispanic household the stats say the average household of Hispanic household has 3.8 people in it which is higher than everyone else and Asians is 2.9 which is still higher than the average right um and a lot of people were just talking about how like is owning a home in 2024 the ultimate goal and the mark of like you know you made it in America have you fulfilled your American dream when you buy a house I think that uh it's still you know a form of property ownership asset something that is supposed to rise in value over the years Beyond inflation right yeah it's also supposed to be something that that is very functional that you can pass down to your kid it's not like even a piece of jewelry that you can pass down to your kid which is still worth something but ultimately doesn't really do anything anything for you can't live in a diamond ring or aoll like Submariner it doesn't matter yeah so it's a luxury good it's a class though it is a asset class yeah but if you if you can pass down a house to your kid you know that when you live in a house that you own you're like mentally yes I have something I can pass down on my kids I have something that I own I have something I can protect that is very in simple terms what it is so that's why immigrants or anybody's going to lean into it right however I will say this if you have access to a lot of different ways to deploy your capital in terms of uh more like higher yield Investments with lower risk you can also look into those too you could like rent not put all your income into uh a mortgage and look at other Capital Investments however let's be honest Andrew the average person who works a regular job they don't have access to the the these like good 10x 100x deals those are like for people who are in a very certain segment of society also there was another article and uh subo that was written up about people moving anywhere in America to get it done and own a house like immigrants already moved once to a new land they may be more willing to move wherever they have connections or where they can afford property that makes sense cuz they're less like tied into the you know what I mean I mean well I think it's twofold so I think there's certain ethnic enclaves that make you feel more comfortable so you want to stay there and generally those ethnic enclaves minus the exception a few are probably uh more but then there even more more affordable part of an expensive city it would be the cheaper part yeah but then there's also the other side where I think like right people just want to move wherever they can own a home even if that's two cities away or three cities away from where their Community is right they may the dad might be willing to do a two-hour commute or something like that uh yeah or just leave their immediate Community right so um yeah I think the house is so important because I think when you get the house that makes you feel like like you're really part of the country it's kind of like you know if you move to New York and you got a New York driver's license that's when you really know like you're in this you know what I mean cuz you just switched everything over and you know what I've noticed too is that there's a lot more like ethnic enclaves and that are available in cheaper uh to have home ownership zones like we always talk about Tempe Arizona Tempe Arizona they got chicha sanen they got J BBQ you know they got all the things that you would want but in Arizona Arizona much cheaper to own a home there but still an a new school Asian ethnic Enclave versus you know 626 OC getting super expensive of course the Bay Area let's get into the comment section somebody said proof that no matter who you are if you work hard you can afford a home it's just sacrifice there's a lot of not instant gratification oh so so David this kind of goes against the general feeling right now on the Internet or just in culture in general the Millennials like you know a lot of Millennials are complaining on social media that they will never be able to buy a home right yes I will say this they might not be able to buy the home they want and be able to watch Netflix and have Spotify and apple music and go to Core Yoga and go to Orange Theory because let's be honest Andre a lot of immigrants they sort of cut those like quality of life niceties out of their life yeah right it's not even a factor it's like if you got to leave your gym that you love and your immediate Community just to move and get a house of your own you just do it it was like almost no question right or or the whole family shares one buddy pass to 24-Hour Fitness ver versus everybody having like the elite private club membership that's going to cost like 300 for the family a month there split in one that's 25 or whatever it's kind of like I feel like yeah I don't want to say because I haven't gone to look for a house on my own yet but it's like it feels like a lot of people are like I can't buy the house or a house in the neighborhood that I want in the city that I want and therefore I can't buy a house where that's not true they're not even considering going to Missouri right all right Missouri is too extreme if you live in the cities I'm just saying in like New York a lot of people want to buy a house in New York it is tough not going to lie right but if you don't even even just the homeowner the HOA is going be but if you're not considering New Jersey or you know parts of Westchester County or just not the life I imagined for myself ex that's not what I imagine it's not possibility a lot of people feel very tied to where they're at and the more tied you are to that area the harder it is to move I think one of the key words that I found from the comment section was sacrifice I will tell you this immigrants generally obviously it depends there's a variance in immigrants there's Rich immigrants middle- class ones poor ones uh more willing to sacrifice um this guy said you know for me when I look at Asians and Latinos I call they playing rice and beans because they'll forego their family vacations they won't take their kids nowhere the Asians will eat rice and the Latinos they eat beans which will save them the money cuz those are kind of low cost and then all of a sudden they got money for a home rice and bean plan that's funny that's actually hilarious uh I don't know if it's a little ignorant but a hilarious plan from a white guy um somebody said it's easier to afford a house when you have six or more adults multi-generational all contributing do you think it's true it is true that uh more likely these like I'll tell you this when you are an immigrant and not all immigrants are like this is if variable on based on situation it's a more like clannish upbringing where everybody got to contribute to the clan so everybody can come up and have things and like stabilize remember Andrew there was a a a Punjabi seik family in our city that had 12 families in a gigantic Mansion right and like I remember that was the first time I had ever seen a legit Hollywood style mansion in the middle of like the just the suburbs where you would not expect to see it they had like uh Range Rovers outside and stuff but yeah like you said 12 family in it could get complicated but they could do it right um ultimately what do you think Andrew uh there's these groups Asians Latinos in terms of bulk distribution statistically both arrived at post 1970 their home ownerships rates are going up but it is true that they live different than your average American typically MH yeah foodwise lifestyle wise everything wise I just think that like I said I always think the culture you come from it does change your experience a lot yeah yeah I mean if you got uh you know if you want to keep all your Cable packages all your vacay you want to buy the cool clothes you want to go out to eat and also buy the home of your dreams tough unless you make a lot of money right so everybody's going to have to sacrifice I do believe that overall I don't want to just blame it on like Millennials not wanting to sacrifice I do think too many companies are buying up a bunch of houses but that's like on a different conversation Bill Gates and black rock yeah I'm not really an expert on that but that just sounds like that's what's happening but anyways uh you guys let us know in the comments down below Asians and Hispanics are going to be owning a lot of houses but obviously I do think they do have multiple people in that house like obviously if you could see this Lopez family they have six people in a three-bedroom of course they're going to buy a three-bedroom they need at least three bedrooms right so I mean listen guys it's all going to come down to sacrifice and one thing that we're going to be doing more on this channel Andrew is giving buyers guides for people who still want like I said if you get a Leisure you don't got to buy Lululemon there's some athleisure brands for two Lululemon shirts you could get six athleisure outfits and you wouldn't be able to tell it's not Lululemon as long as you're in shape yourself so think about it guys there's just many levels to any sort of consumer product nowadays don't be tricked obviously buy quality and spend on quality if you've identified it and you want to and that's your value system but you don't feel like you need to be like get Lululemon if you're going to be wearing athleisure there's a lot of tears of it anyway let us know what you think in the comments section Below guys until next time with the Hop H boys we out peace