Hispanics: ‘Helping Home Ownership Rates’

For the third consecutive year, the Hispanic population is driving growth in homeownership, according to the latest State of Hispanic Homeownership Report. Hispanics’ rising populations and household formation, as well as their increased workforce participation, is behind the uptick, according to the report by the Hispanic Wealth Project and National Association of Hispanic Real Estate Professionals.

The Hispanic population in the United States increased by 1 million last year and accounted for 51 percent of U.S. population growth. Hispanics increased their homeownership rate slightly from 46 percent to 46.2 percent, or a net increase of 167,000 new-owner households in 2017. Hispanics boasted the highest workforce participation rate among any other ethnic or racial demographic at 66.1 percent, according to the report.

The three biggest obstacles facing Hispanic homeownership: Lack of inventory, recent natural disasters, and the nation’s immigration policy, according to the report.

Source: National Association of Hispanic Real Estate Professionals

Hispanics Are a Growing Home Buying Force

While the national homeownership rate decreases, ownership rates among Hispanics are defying the trend with steady rises.

The Hispanic homeownership rate grew to 46 percent last year, topping previous highs of 45.6 percent in 2015 and 45.4 percent in 2014, according to the National Association of Hispanic Real Estate Professionals’ 2016 State of Hispanic Homeownership Report.

More than 7.3 million Hispanic households owned their homes in 2016, 330,000 of which were from new households formed in 2016. That comprises 38 percent of all households formed, according to the report.

“The significance of a strong desire for homeownership cannot be overstated,” the report notes.

More information at: “Hispanic Homeownership Rate Rises for Second Straight Year,” RISMedia (March 28, 2017)