For the third consecutive year, the Hispanic population is driving growth in homeownership, according to the latest
State of Hispanic Homeownership Report. Hispanics’ rising populations and household formation, as well as their increased workforce participation, is behind the uptick, according to the report released by the Hispanic Wealth Project and National Association of Hispanic Real Estate Professionals.
The Hispanic population in the United States increased by 1 million last year and accounted for 51 percent of U.S. population growth. Hispanics increased their homeownership rate slightly from 46 percent to 46.2 percent, or a net increase of 167,000 new-owner households in 2017. Hispanics boasted the highest workforce participation rate among any other ethnic or racial demographic at 66.1 percent, according to the report.
“We see from the report’s data the strong enthusiasm for homeownership within the Hispanic community,” says Daisy Lopez-Cid, 2018 president of the National Association of Hispanic Real Estate Professionals. “With a growing Hispanic population and the highest rate of workforce participation, Hispanics are expected to drive growth in the housing market for decades.”
The three biggest obstacles facing Hispanic homeownership: Lack of inventory, recent natural disasters, and the nation’s immigration policy, according to the report.
Source: National Association of Hispanic Real Estate Professionals
