Hispanic Homeownership Rate Continues to Rise
February 3, 2017
The Hispanic homeownership rate rose from 45.6 percent in 2015 to 46 percent in 2016, according to data from the National Association of Hispanic Real Estate Professionals (NAHREP). This is the second year in a row that this demographic experienced a homeownership rate increase.
This increase in homeownership is mirrored by a decline in the overall U.S. homeownership rate—a slight dip from 63.7 percent in 2015 to 63.4 percent last year—and reported declines in homeownership among African-Americans and Asian-Americans. NAHREP also reported that Hispanics led in net household formations in 2016, adding a total net increase of 330,000 households.
“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,” said 2016 NAHREP President Joseph Nery. “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.”
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