The Hispanic community is the second largest in U.S. society. Their integration in the country is demonstrated by such significant data as, for example, the number of Hispanics who own a home. A number that has steadily increased over the decades.
In 2021, nearly 63 million Hispanics were on the U.S. census, or 18.9% of the total population. According to a report by the National Association of Realtors (NAR), more than half (50.6%) were homeowners.
2023 Snapshot of Race and Home Buying in the Us 03-02-2023-Voz Media by VozMedia on Scribd
When compared to 2021, three million more Hispanics purchased a home than in 2011. In other words, 4% more than ten years ago. Although the number of Hispanics has increased, the enrollment is still below the national average (65.5%). Also, from the white (72.7%) and Asian (62.8%) communities.
Lower median age, higher income and better education
One of the reasons that the number of Hispanic homeowners is increasing is due to the declining median age of the community. "One of the major factors influencing Latino homeownership is basic demographics. Not only does the Latino population in the U.S. continue to grow, but their age is getting younger," said Rick Arvielo, co-founder and CEO of mortgage lender New American Funding.
Purchasing power also plays a role according to the NAR: the majority of Hispanic households (70%) have at least two income earners. The U.S. Census Bureau reported that Hispanic incomes increased by 12% over previous years.
Finally, educational performance contributes. More than half of Hispanics have at least a master's or professional degree, making them eligible for higher-paying jobs that make it easier for them to buy a home.
States with the highest rate of Hispanic ownership
The states with the highest rates of Hispanic homeownership are West Virginia (67%) and New Mexico (67%) - where about half of the census population is Hispanic - followed by Vermont (66%) and Michigan (63%).
By contrast, the states with the lowest Hispanic ownership rates are North Dakota (27%), New York (29%) and Massachusetts (32%). Of all states (including the District of Columbia), the majority (31) have a median ratio of Hispanic homeownership above 50%.
