BMO Real Financial Progress Index: U.S. Latinos redefine homeownership with multigenerational “forever familia homes”

New insights from the BMO Real Financial Progress Index show that while the aspiration to own a home remains strong among U.S. Latinos, the way families pursue that goal is evolving. 

Despite today’s challenging housing market, 76% of U.S. Latinos still say homeownership is a life goal. At the same time, affordability pressures are reshaping how families think about achieving it. Rather than stepping away from the goal altogether, many are reimagining the path forward. 

The data shows families coming together—financially and strategically—to make homeownership achievable. This collective approach reflects both economic realities and cultural values centered on family support, caregiving, and long-term stability. 

From starter homes to “forever familia homes” 

Instead of following the traditional model of buying a starter home and upgrading later, 59% of U.S. Latinos say that buying a home, only to upgrade a few years later, “makes no sense.” Data points to a growing preference for what’s increasingly described as “forever familia homes”— homes designed to support shared living, multigenerational care and long-term financial security under one roof. In fact, 67% of U.S. Latinos expect their first home purchase to be their last. 

Nearly half of Latino homeowners say they could not have purchased their home without financial assistance from family, underscoring how central shared responsibility is to the homeownership journey. Homes often serve not just as financial assets, but as family hubs shaped by collective decision-making and long‑term planning. 

Gen Z: Navigating the market with confidence and creativity 

Younger generations are reinforcing this shift. Millennials and Gen Z are increasingly focused on homes that serve multiple purposes—housing, caregiving and long-term stability — reflecting the reality that 66% of Gen Z and Millennials are already balancing responsibility for both children and aging parents. While affordability concerns remain high, Gen Z Latinos report the highest confidence in their ability to manage the costs of homeownership (89%) even as they experience elevated financial pressure.  

With a resourceful mindset, many Gen Z and Millennial Latino homebuyers are increasingly turning to digital and AI‑powered tools to help demystify the complex path to homeownership. These tools are being used to understand what buyers can realistically afford, learn about different mortgage options, and navigate legal or regulatory requirements — helping younger buyers break down traditional barriers and move forward with greater confidence.

As families rethink the path to homeownership, access to guidance, education, and practical support becomes critical. BMO helps Latino homebuyers navigate homeownership through bilingual financial support; education and planning resources; mortgage calculators that support informed decision-making; and first‑time homebuyer programs and community grants. In California, some first‑time homebuyers supported by BMO have closed with as little as $0.70 in closing costs, demonstrating how education, planning and financial support can work together to expand access. 

There is no single path to homeownership. As U.S. Latinos continue to redefine what owning a home looks like, understanding the role of family, culture and long-term planning remains essential. Recognizing these dynamics helps ensure families are supported not only in achieving homeownership, but in building lasting stability and confidence for the future.