Homeownership drives the rise of Hispanic power

Hispanics are owning homes more than ever before. According to data from the National Association of Hispanic Real Estate Professionals, in 2024, Hispanic homeownership reached a record 9.8 million households, with 238,000 new Hispanic homes added last year alone.

The data revealed that the figure represents the largest annual increase among racial or ethnic groups for the second year in a row, accounting for one-third (35%) of the total homeownership growth nationwide.

Despite this growth, the data reflected that for the first time in a decade, the homeownership rate among Hispanics in the U.S. declined in 2024, falling half a percentage point to 49.0%.

The report explained that the decline was because due to the fact that "rising home prices and persistently high interest rates kept many potential buyers on the sidelines."

Nonetheless, the figures reflect significant progress in homeownership among Hispanics over the past decade. In 2014, there were just 6,864,000 Hispanic households, but by 2024, that number had grown by nearly 3 million, representing a 42% increase in just 10 years.

In addition, the study explained that with a median age of 31, Latinos are the youngest demographic group in the country, indicating a significant potential to drive housing demand in the coming decades.

In that regard, one key factor behind this growth is the relative youth of Hispanic households. Nearly half (8.5 million or 44%) of Hispanic homeowners belong to Generation Z or Millennials, compared to only 32% among non-Hispanic households.

"As young Latinos age into adulthood, the pool of Hispanic households will continue to grow. In 2024, 1.2 million Latinos turned 18, a rate of more than 3,000 per day," the report detailed.

Texas: The favorite place for Hispanics

Hispanics continue to move from their traditional strongholds in coastal areas such as California and Florida to other regions of the country.

For the third year in a row, Texas has recorded the largest net increase in Hispanic residents, with an increase of 128,900 people compared to the previous year.

The report specified that although this is a considerable figure, it is not a new trend. Texas has been the state with the largest influx of Latino residents in nine of the last 15 years.

"NAHREP identified the top opportunity markets for homebuyers based on affordability. As of February 2025, there were 54 metropolitan statistical areas (MSAs) still considered affordable for median-earning families to purchase a median-priced single-family home, 15 of which are in Texas. Other affordable markets were identified in the Midwest and Northeast, including St. Louis, Pittsburgh, and Wichita," the study noted.

The Hispanic homeownership data is consistent with other studies that showed Latinos now account for nearly 15% of national GDP, at $4.1 trillion. They were also again the fastest-growing ethnic group demographically this past year.