Last year marked the fifth consecutive annual increase in the Hispanic homeownership rate, the only demographic with five consecutive years of gains, according to a new report released by the National Association of Hispanic Real Estate Professionals. Hispanics added 277,000 new households last year, a 31.4% net growth.
Hispanic homeownership rates last year posted the largest gains in Houston; Dallas; New York/Jersey City; Riverside/San Bernardino, Calif.; and Phoenix, according to NAHREP’s “2019 State of Hispanic Homeownership Report.”
“Strong gains in household income coupled with an overwhelming drive for homeownership has led to five consecutive years of Hispanic homeownership growth,” says Gary Acosta, co-founder and CEO at NAHREP..
“The youthfulness, work ethic, and resilience of the Hispanic community will play a critical role in the revitalization of America’s post-pandemic economy.”At about 59.9 million, Hispanics are the second-largest ethnic group in the U.S., comprising 18.3% of the U.S. population. They are the fastest-growing demographic and account for 57.6% of the population growth in the U.S.
From 2009 to 2019, Hispanics have accounted for 40.4% of the overall growth in household formation. They’ve added more than 4.3 million new households during that time.
“Clearly, 2020 will bring a new set of economic challenges as Americans confront a global public health pandemic and the associated economic consequences,” the report notes. But the Hispanic community’s youth and strong desire for homeownership won’t likely fade, the report asserts.
Here are additional findings from the report:Hispanics buying homes are young: Their median age is 29.5—8.7 years younger than the general population median. About 40% of Hispanic home buyers were under the age of 34 last year.The median property value for a home purchased by a Hispanic buyer was $225,000, $30,000 less than the overall population.Hispanics injected $371 billion into the economy through the housing market alone.