The National Association of Hispanic Real Estate Professionals (NAHREP) has released its 2019 State of Hispanic Homeownership Report
, produced by NAHREP with contributions from the National Association of Home Builders (NAHB) and Urban Institute. The Report found that 2019 marked the fifth consecutive year of increases in the Hispanic homeownership rate, the only demographic with five consecutive years of gains.
"Strong gains in household income coupled with an overwhelming drive for homeownership has led to five consecutive years of Hispanic homeownership growth," said Gary Acosta, NAHREP co-founder and chief executive officer. "The youthfulness, work ethic and resilience of the Hispanic community will play a critical role in the revitalization of America's post-pandemic economy."
Areas of the nation where Hispanic homeownership grew the most in Houston and Dallas, Texas; New York/Jersey City; Riverside/San Bernardino, Calif.; and Phoenix, Ariz. In 2018, Hispanics injected $371 billion into the economy through the housing market alone, more than tripling their contributions since 2000.
The outlook for continued homeownership growth is compelling with more than 4.9 million Hispanic Millennials with the credit characteristics strong enough to qualify for a mortgage.