Latino Homeownership is Rapidly Rising in the U.S.
A recent article in The Washington Post outlined how Latino homeownership is rapidly growing, particularly among young people.
The National Association of Hispanic Real Estate Professionals (NAHREP) reported that the Latino homeownership rate increased to 48.4 percent in 2021, up from 47.5 percent in 2019, which is the highest it has been since the mid-2000s. NAHREP’s annual State of Hispanic Homeownership Report shows that Latinos added a total of 657,000 new owner households between 2019 and 2021, with the number of Hispanic homeowners reaching 8.8 million.
Though Latino homeownership is on the rise, the report indicates that market conditions were tough for Latinos, especially for first-time homebuyers. The difficult housing market was particularly prevalent in Texas, where we faced inventory shortages. The report also identifies San Antonio as one area where Latino homeownership is bound to increase over the next several years.
Rising Latino homeownership is also on the rise according to research from the Urban Institute. The organization estimates that in the U.S., 70 percent of the net new homeowner households will be Latino by 2040. This estimate reflects how over the last decade, Latinos accounted for more than half of the country’s homeownership growth.
According to Jun Zhu, assistant professor at Indiana University at Bloomington and fellow at he Urban Institute, part of why Latino buying power is projected to grow exponentially is because they tend to be younger. Latinos had a median age of 30 in 2019, which is approximately 15 years younger than the median age for non-Hispanic White Americans, according to Pew Research Center. The early 30s are considered the most typical age for first-time homebuyers, so Latinos are projected to be a strong influence on real estate in the U.S. for the foreseeable future.
According to a Redfin report, Latino homeowners are also seeing the value of their properties rising at a higher rate than other ethnic groups. Based on data from the Census, the report indicates a year-over-year increase of 19 percent in the value of Latino homes, compared to an 18-percent rise for Black Americans and 17 percent for White Americans.
Mobile Homes for Latino First-Time Homebuyers
At Braustin Homes, we are proud to help many Latino homebuyers find their first homes. We recognize the way homeownership empowers and uplifts communities, and we take pride in playing a part in helping Latino families. If you are looking for your dream home and considering the benefits of manufactured homes, we would love to help. Contact one of our Housing Consultants and we will be in touch ASAP.