Hispanic homeownership rises
AUSTIN – Hispanics are a dominating force in homeownership, closing in on
their predownturn homeownership rate sooner than the U.S. as a whole,
according to the annual National Association of Hispanic Real Estate
Professionals report.
The Hispanic homeownership rate increased to 46.2 percent in
2017, down just 3.5 percent from 2007, prior to the
recession. This is the third straight year Hispanics grew their homeownership
rate—the only demographic group to make a three-peat.
The Hispanic population is skyrocketing, expanding last year by
1.1 million to now 58.6 million. It is expected to rise to 119 million by 2060.
Six million Hispanic households are expected to materialize by
2024. Hispanics also have a higher labor force participation rate (66.1
percent) than every other demographic, and their purchasing power totals $2.13
trillion.
Eighty-one percent of Hispanics believe homeownership is a good long-term
investment, and 88 percent believe they will more likely be homeowners than renters in the future. Twenty-five percent believe buying a home is ideal
now.
Texas has the second-highest number of Hispanic residents in the
country at 10.9 million, behind California with 15.3 million.
The Real Estate Center’s onlineEnglish-Spanish Real Estate Glossary is a valuable tool for anyone with Spanish-speaking clients. It
defines, translates, and explains 787 real estate
terms. The print edition is also available as a Kindle e-book from Amazon.com.
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