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The National Association of Hispanic Real Estate Professionals (NAHREP) and the Hispanic Wealth Project recently released the2015 State of Hispanic Homeownership Report revealing that while the national homeownership rate dwindles, Hispanic homeownership continues its rise.
The report reveals that homeownership among Hispanics outpaces that of all other demographics, achieving a net gain of 245,000 owner households in 2015, 69 percent of total U.S. homeownership growth. As the study articulates, “For the first time in 10 years the Hispanic homeownership rate spiked upward while overall homeownership rates in the country continued a downward trend.”
There was tremendous growth in Hispanic homeownership between the fourth quarters of 2014 (44.5 percent) and 2015 (46.7 percent), marking a net increase of 531,000 owner households. The report clarifies that Hispanic homeownership hadn’t risen by these levels since 2005, gains that were erased by subprime mortgages and the housing crisis. Now, supported by a decrease in poverty and an increase in purchasing power, along with a growing population, Hispanics are situated to impact the housing economy.
“The State of Hispanic Homeownership Report should be required reading by everyone in housing, especially lenders and realtors,” states David Stevens, President and CEO Mortgage Bankers Association (MBA). “The Latino community is massive, it’s ready to own, and it’s now. The significance of Hispanics to housing and the economy will only grow, creating opportunity for all who focus on this vibrant, dynamic, and impactful part of the U.S. economy.”
The Hispanic population reached 57 million in 2015, up 1.6 million from 2014, and Hispanic homeownership is projected to grow 52 percent between 2010 and 2030. With its capable buyers and growing households, home buying activity within the Hispanic population is a great source of business and excitement. How will you serve Hispanic clients?