State of Hispanic Wealth Report 2021
“…As of 2020, Latino homebuyers were twice as likely to obtain an FHA mortgage than their non Hispanic White counterparts, at 31.1 percent compared to 13.2 percent respectively.”
State of Hispanic Wealth Report 2020
“… 50% of Latino 2020 homebuyers reported that COVID-19 might have accelerated their homebuying plans, compared to 41% of the general population.”
State of Hispanic Wealth Report 2019
“...We want to witness a tripling of Hispanic household wealth over the next ten years not as spectators, but rather as active participants.”
Hispanics Buyers Are Gaining Ground as Housing Customers
“Hispanics comprise 18% of the U.S. population, yet they accounted for nearly 63% of new U.S. homeowner gains over the past decade, according to NAHREP.”
“HUD declares FHA is no longer backing DACA mortgages”
overview of hispanic homeownership
According to HWP (Hispanic Wealth Project) and NAHREP (National Association of Hispanic Real Estate Professionals) in 2017, 7,472,000 Hispanics owned a home, an increase of 167,000 from 2016’s numbers. This increase equates to a Hispanic homeownership rate of 46.2 percent for 2017, an increase of 0.2 percent from 2016’s percentage. Hispanics are the only demographic to have increased their rate of homeownership for the last three consecutive years. Hispanics accounted for 15 percent of the net homeownership gains in 2017, a smaller percentage than has been the case in recent prior years.
However, looking at the data over a broader period of time, Hispanics have been responsible for 46.5 percent of net U.S. homeownership gains since 2000. Currently, the median Hispanic household is a renter, without access to the wealth generating properties home equity has to offer. However, at a 50 percent Hispanic homeownership rate, the median Hispanic household would be an owner household, unlocking access to a primary source of wealth creation.
LATINO MILLENNIALS’ HOME OWNERSHIP IS KEY FOR HOUSING MARKET GROWTH
According to “The State of the Nation’s Housing” study by the Joint Center for Housing at Harvard University, minorities will drive three-quarters of the gains in U.S. households, which are projected to reach 13.6 million in the decade of 2015-2025 and Hispanics will account for one third of those gains.
“The fact is the majority of Latinos want to be home owners and will make up half of all new home buyers in the next 20 years. They have a central place in the housing market and finance system,” said Scott Astrada, director of federal advocacy at the Center for Responsible Lending.
