Hispanic homeownership rate at a five-year high
The number of Hispanic households in America increased for the fifth straight year in 2019, according to data from the US Census Bureau and the National Association of Hispanic Real Estate Professionals (NAHREP).
Growth in homeownership, household formations, and labor force participation among Hispanics continued to outpace other demographic groups, according to NAHREP. The Hispanic homeownership rate to 47.5% in 2019. While the percentage is still below the overall US homeownership rate, Hispanics are the only demographic cohort to post an increase in each of the last five years.
In total, the number of Hispanic homeowners rose by 277,000, while the overall number of Hispanic households saw a 435,000 increase. Data also showed that Hispanics accounted for 51.58% of net growth in the US homeownership over the last decade, compared to the 1.5% homeownership growth among Non-Hispanic whites.
To date, Hispanics represent 18.3% of the US population and have a labor-force participation rate of 66.8%, the highest of any group, according to the report. Additionally, Hispanics accounted for 71.31% of the US labor force growth between 2009 and 2019.
“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 NAHREP President David Acosta. “This year’s report will give the industry a more complete picture of Hispanic buyer nuances and geographic concentrations.”