Hispanics Lead U.S. Homeownership Growth
A new report finds that Hispanics accounted for more than a third of all household formations over the last decade in the U.S. They were also the first minorities to make homeownership gains after the recession. The National Association of Hispanic Real Estate Professionals (NAHREP) found that between 2008 and 2018, “Hispanics accounted for 39.6 percent of U.S. household formations.” Over the past decade, NAHREP also found that Hispanics have accounted for 62.7% of net U.S. homeownership gains, growing from 6,303,000 homeowners to 7,877,000 -- a total increase of 1,574,000 Hispanic homeowners. The group continues to view homeownership as a cornerstone of building wealth in the U.S. -- 88% describe it as a good investment despite the recession and its housing bubble. “The Hispanic segment helped pull the nation out of a devastating housing recession in 2015 when it became the first ethnic demographic to show an increase to its post-recession homeownership rate,” the report said. “Hispanics have been the only ethnic demographic group to raise their homeownership rate in each of the past four years.” And as Hispanics were responsible for 81% of the U.S. labor force growth, their share of the homeownership market is likely to only keep rising. NAHREP reports that Hispanics will account for more than half of all new homeowners over the next several years and for 56% of all new homeowners by 2030. See the full report here.