Hispanics Driving Homeownership Growth in US

According to the 2018 State of Hispanic Homeownership Report just released by the National Association of Hispanic Real Estate Professionals, Hispanic homeownership has increased some +62.7% in the US net homeownership rate from 2008-2018. Additionally, Hispanics are the only ethnic demographic group to increase homeownership rates in each of the past four years.

“Hispanic household growth continues to outpace that of the overall US household growth and is anticipated to do so in the foreseeable future,” said the report. 81% of US labor force growth and 32% of US household formations are also due to this growing ethnic demographic group.

The 2018 State of Hispanic Homeownership Report identified four key areas in which Hispanics are affecting huge impacts within US cultural and economic norms:

• Household Formation
  • Hispanics formed 485,000 new households in 2018.
    • This represents 32.4% of total household formations in the US.
    • Between 2015-2015, Hispanic households are expected to increase by 4.6M.
    • Population Trends
      • Hispanics represent 18.1%, or 58.9M people, of the overall UYS population.
      • Hispanics are now the county’s largest ethnic minority.
      • Hispanics accounted for more than 50% of total US population growth since 2000.
  • Household Composition
    • Hispanic households average 3.7 people.
    • Hispanic households are more likely to be multi-generational households.
  • Income Trends
    • The median Hispanic household income grew to $50,486 in 2018.
    • This median income growth indicates the largest income increase among all racial/ethnic population groups in the country.

The Urban Institute predicts that Hispanics will account for +50% of all new households over the next several years and will account for 56% of all new households by 2030.

States with the highest rates of Hispanic households include Puerto Rico (68.56%), New Mexico (65.5%), Texas (56.86%), Wyoming (56.63%) and Michigan (56.13%), also according to the Urban Institute.

And according to the latest Pew Research, the fastest growing Hispanic communities in the country can be found in Russell County, AL, Bryan County, GA and in North Dakota where four of the top ten fastest growing Hispanic communities are flourishing.