The Hispanic homeowner rate increased continued to increase in 2017, but many Hispanics are still holding off on long-term financial commitments, according to a report from The Hispanic Wealth Project.
Hispanics have seen homeownership gains for three consecutive years, driving asset growth for Hispanic families. The report also found that aside from home purchase, new business starts and stock-market investment are also accelerating among the US Hispanic population.
Based on the report, the Hispanic homeownership rate rose in 2017 to 46.2%, an increase from 45.6% in 2015. However, many Hispanics, even those with permanent residency status, hold off on making long-term financial commitments, such as retirement savings or purchasing a home, because of the current political environment and uncertain immigration policies, according to the study.
Another positive homeownership trend highlighted by the report was that Hispanics are the only ethnic demographic to have increased their homeownership rate for three consecutive years.
The report also revealed that overall US Hispanic household wealth inched upward in 2017. The median net worth of Hispanics rose to $20,600 in 2016 from $13,700 in 2013. However, there is still progress to be made in terms of savings and investments. The report showed that 83% of all Hispanic millennials have nothing saved for retirement.
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