The National Association of Hispanic Real Estate Professionals (NAHREP) released their State of Hispanic Homeownership Report which revealed the Hispanic homeownership rate had risen to 48.6% in 2022. Research shows that Hispanics are the largest ethnic minority group in the United States and continue to significantly influence the housing market.
The report detailed that of the 124.8 million households in the US, 22.7 million, or about 18% were Hispanic. Of these Hispanic households, just over half, 11.8 million, were homeowners – a 1.9% increase from the prior year. This increase in Hispanic households taking on homeownership responsibilities is reflected in the increased homeownership rate of 48.6%, which was 1.7% higher than before, making the new rate a historical high.
The report also detailed that while Hispanic households had the lowest homeownership rate among all racial and ethnic groups, they had the highest rate of buyers at all price points. This finding suggests that despite the challenges, Hispanic households still found ways to purchase a property.
Furthermore, the report highlighted the long-term impact of the COVID-19 pandemic, which disproportionately affected minority communities, mainly due to job losses, lower wages and credit challenges. It is not yet clear what the long-term impact of the pandemic will be on homeownership within the Hispanic community. However, it is clear that education, financial planning, and increased access to down payment assistance are needed to further increase the Hispanic homeownership rate. By making the dream of homeownership more accessible to Hispanic families, the US housing market will continue to grow.
You can read this full article at: https://www.housingwire.com/articles/hispanic-homeownership-rate-rose-to-48-6-in-2022/(subscription required)
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