According to the Wall Street Journal, the homeownership rate for Hispanic buyers grew more than any other ethnic group of homebuyers, including Caucasians, during the last 3-4 years.
The National Association of Hispanic Real Estate Professionals corroborates the Wall Street Journal’s findings. During this last decade, Hispanics made up a whopping 63% of new homeowners despite accounting for only 18% of the overall total population in the US.
According to the Urban Institute, 4-6 million Hispanic Millennials earn enough to buy a home in their neighborhood Despite home price growth slowing to the lowest levels since 2002 and lower interest rates, most of this Millennial group, however, will not be able to jump the hurdles involved with making a down payment or the lack of inventory.
The Journal also said that homebuilders and real estate agents alike were relying more and more on Hispanic buyers since housing demand has slowed due to rising costs of single-family homes.
Meanwhile, homeownership rates among African Americans have fallen -8.6 percentage points since this rate reached its peak in 2004.