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Zillow revealed that Latinx, a term used to refer to people and heads of households that identify with at least one Hispanic, Latino or Spanish origin, has seen a boost in their share of households in the U.S. The report revealed that the share of Latinx households in the U.S. is at its highest level since the housing burst.
According to Zillow, the homeownership gains of Latinx Americans living in the U.S. has exceeded those of other groups. While 18% of the U.S. population identifies as Latinx, the report states that they have accounted for more than 60% of new U.S. homeowner gains over the past decade. The Latinx homeownership rate now stands at 48.9%, the highest level since 2008.
"While Latinx households have made recent gains in ownership, longstanding inequities in intergenerational wealth and other systemic barriers continue to impede Latinx Americans from reaching parity with the U.S. population as a whole," says Manny Garcia, population scientist at Zillow, according to the report. "Latinx home buyers are more likely to face challenges during the process, with financing the purchase often reported as a primary concern. Even within the Latinx community, wealth inequality could help explain the varying homeownership rates of people of different origins."
The Latinx Homeownership rate is still behind by more than 10 percentage points when compared to Asian, Native, Hawaiian and Pacific Islander households. It is also behind by close to 25 percentage points compared to non-Latinx white households.
Read more from the Zillow report on Latinx homeownership gains.