Increasing Homeownership For Hispanics
2nd Consecutive year of increasing the Rate of Hispanic Homeownership!
On February of 2017, The National Association of Hispanic Real Estate Professionals (NAHREP®) has announced The Hispanics were the only ethic demographic with an increase to their homeownership rate for the 2nd year in a row! Which went up from 45.6% in 2015 to 46.0% in 2016.
The improvement came in a year when Hispanics also led in net household formations, adding a total net increase of 330,000 households.
Overall homeownership rates in the U.S. are at their lowest levels in almost 50 years. Hispanics have broken from this trend due to their high workforce participation and the fervent desire to own a home.
Joseph Nery, President of NAHREP said: “With credit remaining tight and limited housing inventory in several markets, these numbers are extremely encouraging and a testament to the economic resilience of the Hispanic community,”
He continues “As the mortgage industry continues to recognize the exceptional opportunities in serving the Hispanic market and adjusts accordingly, we expect these numbers to only improve.”
According to Census Bureau data, the overall homeownership rate dropped from 63.7 percent in 2015 to 63.4 percent in 2016. At the same time, the African-American rate also dipped from 43.0 percent to 42.2 percent and the Asian-American rate dropped from 56.5 percent to 55.5 percent.