In 2006, Arizona-based Fulton Homes opened Fulton Ranch in Chandler, a 520-acre upscale, master-planned community. That was the height of the residential housing boom and high demand justified the financial risk.

At a time when the housing industry needs an infusion of hope, the demographic gods are poised to unleash what some Realtors, lenders and builders say will be the industry’s salvation: waves of young Hispanic workers and families hungry for houses of their own.