The Hispanic Wealth Project, in collaboration with the National Association of Hispanic Real Estate Professionals (NAHREP), today released their annual State of Hispanic Homeownership Report, which shows that Hispanics continue to outpace the overall U.S. population in homeownership gains, household formation and work force participation.
According to the Census Bureau, the homeownership rate among Hispanics increased to 46.0 percent in 2016 from 45.6 percent in 2015, while the nation’s overall homeownership rate declined to 63.4 percent, a 51-year low. At the same time, the Bureau of Labor Statistics said Hispanics accounted for 76.4 percent of the growth in the U.S. labor force between 2010 and 2016, or three out of every four workers. Hispanics also formed 330,000 new households in 2016, representing about 38 percent of the total growth in the U.S.
“The data clearly shows that absent Hispanic homebuyers, the post-recession housing recovery would be substantially weaker,” said NAHREP 2017 President Leo Pareja. “With a median age of 28 years and a higher workforce participation rate than any other demographic, Hispanics will continue to drive growth in the housing market for decades.”
The report also noted that access to credit remained a significant barrier for first-time homebuyers and cited record shortages of homes for sale in many markets.
The report highlights data that provides a comparative analysis of both the past year and since 2000. It specifically analyzes the demographic and economic trends that shape the homeownership market, including the cultural nuances and purchase habits of Latino home buyers. The report also identifies major barriers to Latino homeownership, such as the need for improved access to affordable mortgage credit, the need to substantially increase the number of culturally competent professionals in the industry, and policies that address the shortage of housing inventory in many major markets.
As a result of the report’s findings, NAHREP issued its 2017 policy priorities, which it will share with legislators during Capitol Hill visits and at its policy conference on Wednesday, March 29. For access to NAHREP’s 2016 State of Hispanic Homeownership Report visit http://hispanicwealthproject.org/state-of-hispanic-homeownership-report/.
About The Author
Tony Garritano is chairman and founder at PROGRESS in Lending Association. As a speaker Tony has worked hard to inform executives about how technology should be a tool used to further business objectives. For over 10 years he has worked as a journalist, researcher and speaker in the mortgage technology space. Starting this association was the next step for someone like Tony, who has dedicated his career to providing mortgage executives with the information needed to make informed technology decisions. He can be reached via e-mail at firstname.lastname@example.org.