Hispanic homeowners are expected to make up a considerable share of new households in the coming years.

The composition of the U.S.’ housing market is changing radically, and nowhere is that change more apparent than among hispanic homeowners.

The data could not be more clear – in the next two years, the purchasing power for Hispanics will increase an incredible 50 percent, or, to $1.6 trillion, and given the growth of the demographic, they will account for 40 percent of new households over the next 10 years.

Here are some other details you must be aware of, as the market changes:

• Other minorities will comprise 70 percent of total new household growth the next 10 years.
• In 2011, 11 percent of Hispanic and Latino buyers made up 11 percent of all first-time homebuyers, a 38 percent increase from 2010.
• There is also a considerable interest in the Hispanic community for homeownership; 56 percent consider owning a home a symbol of success; 68 percent are more likely to believe purchasing a home is a good financial opportunity; and 73 percent believe owning a home is a good way to accumulate inheritable wealth.
• The Hispanic population also continues to grow, and its prevalence in the housing market will grow with it; from 1980 to 2010, the Hispanic population increased by 3.5 times, or, two out of every five people added to the U.S. population were Hispanic.

Sarah Sheridan, an associate at Macken Realty, said her clientele of Hispanic/Latino buyers have been exclusively foreign.

“I would say that 80, almost 90, percent of my clientele are foreign,” she said.

Particularly active, Sheridan said, have been Brazilian buyers. Though she also assists buyers from Venezuela, Mexico and even Columbia, buyers from Brazil have been adamant about Florida real estate, buying two-three units at a time, keeping one, and renting out the others. And with how fervent demand has been for rental units in Miami, the units are often rented in a day to the constant stream of professionals and college students to the Downtown Miami market.

Sheridan added it’s all part of a worldwide trend towards Miami real estate. In addition to her buyers from Latin America, Sheridan has also worked with buyers from Canada in increasing numbers and Russia, who have bought properties in Sunny Isles. So great has been foreign demand, in fact, that she’s heard some label Miami as the new Hong Kong – an area defined by its diversity and valuable real estate.