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The Foundation of the National Association of Hispanic Real Estate Professionals (NAHREP) has released its strategy aimed at tripling U.S. Hispanic household wealth in the next 10 years, a plan NAHREP calls the Hispanic Wealth Project Blueprint. Hispanic household wealth dropped by 66 percent between 2005 and 2009, according to the Pew Hispanic Center. Median Hispanic household wealth currently stands at $13,700, which is less than 10 percent of the median non-Hispanic White population. The Blueprint offers a strategic plan that aims to rally individuals, corporations, government and other organizations to take action in supporting Hispanic wealth.
"When a sector as large and important as the Hispanic community grows its financial capability and success, the strength and well-being of our overall economy is also positively affected," said Dan Gilbert, chairman of Quicken Loans and Rock Ventures. "The NAHREP Hispanic Wealth Project's focus on homeownership and entrepreneurism highlights important initiatives that will increase the creation of Hispanic household wealth and buying power all across America. Quicken Loans is proud to be a partner in this effort."
The Hispanic Wealth Project Blueprint includes three component goals that facilitate an “ecosystem” for Hispanic wealth creation and growth over the coming decade. The three goals are:
►To achieve a 50 percent (or greater) rate of U.S. Hispanic homeownership;
►To increase by 50 percent the first-year success rate of Hispanic-owned small businesses; and
►To increase by 25 percent the number of Hispanic households owning non-cash financial assets (e.g., stocks, bonds, mutual funds, 401k accounts).
“Given demographic forecasts that chart an ever-increasing Hispanic population, it is impossible to measure the economic state of America’s middle class without addressing the fate of Hispanic households,” said Henry Cisneros, chairman of the advisory board for the Hispanic Wealth Project. “The Blueprint offers actionable ideas, and invites support and participation from individuals, corporations, government, academia and other non-profits."
NAHREP will recognize initiatives conducted by coalition partners that support the goals of the Blueprint. NAHREP will also track Hispanic wealth progress by producing annual reports and organizing symposiums to review benchmarks and identify methods to accelerate Hispanic wealth creation.
By partnering with other organizations, industry leaders and government representatives, the Hispanic Wealth Project focuses on creating awareness and support for policies and industry actions that improve the Latino labor market, advance educational attainment and financial literacy, and grow homeownership rates in the community.