LATINOS SHOW MAJOR SURGE IN HOMEOWNERSHIP IN 2015
The Hispanic Wealth Project, in collaboration with the National Association of Hispanic Real Estate Professionals (NAHREP), recently revealed data in their State of Hispanic Homeownership Report that show an increase in both Hispanic homeownership rates and in the number of owner Hispanic households while overall U.S. homeownership rates have declined for the 12th consecutive year. According to the U.S. Census Bureau, the Hispanic homeownership rate averaged 45.6 percent in 2015, two-tenths of a percent higher than in 2014, however in the 12 months ending this past December the increase was much more dramatic surging from 44.5 percent to 46.7 percent - the largest one year spike in more than a decade. “The Hispanic homeownership numbers were very encouraging and all leading indicators strongly suggest that the trend will continue,” says Joseph Nery, NAHREP 2016 President, “Policy makers and the housing industry need to recognize that the face of homeownership 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.” In addition, the report showed that Latinos also led the nation in workforce participation and household formation growth which indicates that Hispanics will likely be the primary driver of new homeowners for the next decade and beyond.
“The State of Hispanic Homeownership Report highlights how important the Hispanic population has become in driving overall housing demand in the US, and how this influence will only continue to grow as their share of the population increases,” said Chris Herbert, managing director Harvard Joint Center for Housing Studies. “Crafting housing policies that are attuned to meeting the needs of this important demographic group is essential to ensure they have access to decent and affordable housing.”
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