New Study Reveals Surge in Latino Home Ownership
Overall levels of home ownership declined in 2015 for the twelfth consecutive year, while the number of renters continued to grow by leaps and bounds nationwide. However, a new report from the National Association of Hispanic Real Estate Professionals (NAHREP) and the Hispanic Wealth Project shows that home ownership among the Latino population is actually growing.
The number of Hispanic-owned homes grew from 44.5 percent to 46.7 percent over the past year – a numeric surge that has not been seen in the American real estate market in more than a decade. Economic indicators, such as growing Latino participation in the workforce, lead industry experts to conclude that the increased home ownership trend will continue into the near future.
Joseph Nery, NAHREP President, says recent policy changes that make homes more affordable for non-traditional buyers have helped to change the face of home ownership in America.
“It is in everyone’s interest to ensure that these new consumers have access to relevant lending products, affordable housing stock and culturally competent service providers in the coming years,” Nery says.
The report also identified barriers that some Latinos still face, including access to affordable mortgage loans, the need to fortify the number of culturally competent professionals in the industry, and policies that address the shortage of housing inventory in many major markets.
The NAHREP hopes to share these findings with Congressional leaders in order to craft home ownership policies that bolster the Latino surge into the future.
Image via Flickr/lotinamarcus