The National Association of Hispanic Real Estate Professionals has released its annual State of Hispanic Homeownership Report, highlighting consistent growth for the community.
In 2021, the Hispanic homeownership rate increased to 48.4 percent, consistent with the trend of the past seven years which saw an average increase of nearly one percentage point every two years.
However, Latinos accounted for a lower share of homeownership growth and household formations since 2017. Latinos accounted for 20.6 percent of homeownership growth since 2017, compared to 78.5 percent of homeownership growth between 2011-2017.
“While the homeownership rate for Hispanics continues its upward trajectory, recent market conditions have made it challenging for new homebuyers, particularly those who rely on low down payment products,” said Gary Acosta, NAHREP Co-Founder & CEO. “Housing inventory dipped to record low levels, and rising price points pushed homeownership out of reach for many first-time buyers. A failure to address the housing supply crisis could result in a steep decline in the overall homeownership rate and a devastating impact to the nation’s GDP and economic well-being.”
Locally, San Bernardino and Riverside Counties produced the most new Latino homeowners between 2019-2021. Texas, Arizona and Tennessee saw the greatest influx of Latinos in 2021, while California saw the greatest decrease in net migration.
Between 2020-2040, Latinos are predicted to account for 53.1 percent of household formations, while the number of non-Hispanic White households is predicted to decline. Latinos are predicted to account for 78 percent of net new workers between 2020-2030.
To read more of NAHREP report, click here.