The homeownership rate among Hispanics increased for the fifth consecutive year in 2019 as Hispanics continue to be the primary driver of growth in the nation’s housing market, according to recently released data from the U.S. Census Bureau and an upcoming report from the National Association of Hispanic Real Estate Professionals (NAHREP).
Growth in homeownership, household formations, and labor force participation among Hispanics continues to outpace other demographic groups, according to NAHREP’s annual State of Hispanic Homeownership Report, which is scheduled to be published in March 2020. The report highlights the critical role Hispanics have played in the U.S. economy over the past decade and the importance of increased consumer and industry investment in the Hispanic housing market. The 10th anniversary edition of the report will include a more in-depth review of Hispanic purchasing patterns, buyer nuances and geographic concentrations.
Key data points revealed in the report include:
• The Hispanic homeownership rate increased to 47.5 percent in 2019, the fifth consecutive yearly increase. While this is still below the overall U.S. homeownership rate, Hispanics are the only demographic group to record an increase in each of the past five years.
• Between 2009 and 2019, Hispanics accounted for 80.89 percent of net growth in U.S. homeownership. By contrast, non-Hispanic whites accounted for only 1.5 percent of homeownership growth over that same period.
• The total number of Hispanic homeowners increased by 277,000 in 2019.
• The overall number of Hispanic households increased by 435,000 in 2019.
• Hispanics currently represent 18.3 percent of the U.S. population and have a labor force participation rate of 66.8 percent, the highest participation rate of any group.
Over the last 10 years, Hispanics have accounted for 71.31 percent of the growth in the U.S. labor force.
“The vibrancy of the Latino homebuyer population helped to pull our industry out of recession in 2012 and continues to drive growth in markets all across the United States,” said David Acosta, 2020 NAHREP President. “This year’s report will give the industry a more complete picture of Hispanic buyer nuances and geographic concentrations.”