Despite tight supply conditions, home ownership among Hispanic households spiked in 2015, according to the State of Hispanic Home Ownership Report published by the Hispanic Wealth Project and the National Association of Hispanic Real Estate Professionals. This was the first increase observed since 2009.
Hispanic home ownership rate averaged 45.6 percent in 2015, just 0.2 percent higher than the year prior. But in just the 12 months ending December 2015, it soared from 44.5 percent to 46.7 percent — the largest one-year increase in more than a decade.
“The Hispanic home ownership numbers were very encouraging, and all leading indicators strongly suggest that the trend will continue,” says Joseph Nery, president of NAHREP. “Policy makers and the housing industry need to recognize that the face of home ownership in America has changed, and it is in everyone’s interest to ensure that these new consumers have access to relevant lending products, affordable housing stock, and culturally competent service providers in the coming years.”
It should also be mentioned, that Latinos led in workforce participation and household formation growth nationwide. This seems to indicate Hispanics to be a primary driver of overall home ownership rate the next decade and beyond.
The significance of Hispanics to housing and the economy will continue to grow, creating opportunity for all who focus on this vibrant, dynamic, and important part of the U.S. economy.