RISMedia
  • News
  • Premier
  • Reports
  • Events
  • Power Broker
  • Newsmakers
  • More
    • Publications
    • Education
No Result
View All Result
  • Agents
  • Brokers
  • Teams
  • Marketing
  • Coaching
  • Technology
  • More
    • Headliners New
    • Luxury
    • Best Practices
    • Consumer
    • National
    • Our Editors
Join Premier
Sign In
RISMedia
  • News
  • Premier
  • Reports
  • Events
  • Power Broker
  • Newsmakers
  • More
    • Publications
    • Education
No Result
View All Result
RISMedia
No Result
View All Result

Hispanic Homeownership Rate Rises for Second Straight Year

Home Latest News
By Suzanne De Vita
March 30, 2017
Reading Time: 3 mins read
Hispanic Homeownership Rate Rises for Second Straight Year

Portrait Of Family Sitting On Steps Outside Home

Momentum Could Be Cut Short If Trump Carries Out Mass Deportation, Wall

Hispanics are an overriding force in homeownership, flouting national figures as they establish owner households at a rising rate for the second straight year.

According to the National Association of Hispanic Real Estate Professionals’ (NAHREP) recently released 2016 State of Hispanic Homeownership Report, the Hispanic homeownership rate increased to 46 percent last year, leading an against-the-trend charge in spite of a decreasing national rate. The Hispanic homeownership rate was 45.6 percent in 2015 and 45.4 percent in 2014.

In addition, more than 7.3 million Hispanic households owned their homes in 2016, with 330,000 new households added—38 percent of all households formed.

What drivers are compelling Hispanics toward homeownership? Owning a home, for one, remains a hallmark of their American Dream. The majority of Hispanics view homeownership as a viable investment vehicle for wealth-building, as well as ideal for child-rearing.

“The significance of a strong desire for homeownership cannot be overstated,” the report states. “Where there is a will, there is generally a way.”

More members of the industry, secondly, are working to meet the unique needs of Hispanic homebuyers, especially in terms of financing.

“While the Hispanic market has outgrown the ‘niche’ segment designation, the housing industry is just beginning to fully recognize its significance to the vitality of the overall market and is responding with products and services that are more relevant to the needs of Hispanic consumers,” states the report, citing recent initiatives helmed by Bank of America, Fannie Mae and Freddie Mac, and Wells Fargo.

Financing, still, is a hurdle. Hispanics were denied mortgages at a rate of 17.3 percent in 2016, approximately nine percentage points higher than the rate for non-Hispanic whites. Sixty-seven percent of Hispanics believe it is “difficult” to obtain a mortgage, limited by an inability to afford closing costs and a down payment, or lacking credit—characteristics typical of first-time homebuyers, of which roughly half are Hispanic. Twenty-seven percent of Hispanics, notedly, have no credit score.

The obstacle could be chipped away with the addition of more “culturally competent” members of the industry—another impediment to Hispanic homeownership. Only 7 percent of real estate agents and 4 percent of mortgage professionals are Hispanic; 25 percent of Hispanics, however, would prefer to work with a Spanish-speaking agent. Many professionals, also, are unware of Hispanic cultural norms.

“Hispanics tend to reside in a multigenerational household of a typical nuclear family and include additional family members like grandparents or other adult relatives, all of whom contribute to household expenses,” the report states. “These influencing factors are interconnected with their culture and affect how they bank…Access to culturally competent real estate and mortgage professionals who speak Spanish and can recommend appropriate solutions to meet their needs creates a level playing field.”

Another potential headwind? Policies by the Trump Administration that could sap the Hispanic segment—namely, a mass deportation effort and a wall between Mexico and the U.S. Hispanics comprise two-thirds of the undocumented population in the U.S., and the undocumented population makes up 15 percent of the construction workforce. Cutting that contribution through mass deportation would be harmful to housing, according to NAHREP.

“High costs for material and labor already limit the supply of new affordable housing,” states the report. “The removal of substantial portions of existing workers will drive up home prices and exacerbate current inventory shortages, which are already at crisis levels.”

Deportation has an ulterior effect, as well: more foreclosures.

” a detrimental synergy between deportations and foreclosures, which could result in prolonged stagnation of the housing market in areas with high immigration enforcement policies,” the report states.

As for the wall, NAHREP proposes that “the federal government…focus its efforts on comprehensive immigration reform strategies which would constitute a more effective use of $21.6 billion than a border wall,” recommending a multipronged approach involving deportation relief, immigrant and non-immigrant visas and a path to citizenship.

For real estate professionals, Hispanics represent a sustainable, vast opportunity. Ninety percent of Hispanics would prefer to own a home than rent one in the future, and 62 percent are more likely to buy a home than rent one for their next move. In 2016, Hispanics had a purchasing power of $1.4 trillion—a number that will continue to compound as incomes and Hispanic-owned businesses grow.

For more information, please visit www.nahrep.org.

Suzanne De Vita is RISMedia’s online news editor. Email her your real estate news ideas at sdevita@rismedia.com.

For the latest real estate news and trends, bookmark RISMedia.com.

Tags: Credit AccessibilityHispanic Homeownership RateMass DeportationNAHREPState of Hispanic HomeownershipTrump Wall
ShareTweetShare

Suzanne De Vita

Related Posts

New York-Based Marquee Realty Joins Howard Hanna Real Estate Services
Industry News

New York-Based Marquee Realty Joins Howard Hanna Real Estate Services

June 20, 2025
Cutting Out the Noise
Brokers

Cutting Out the Noise

June 20, 2025
RISMedia Wins Gold, Silver Awards, Special Recognition at 2025 NAREE Journalism Competition
Industry News

RISMedia Wins Gold, Silver Awards, Special Recognition at 2025 NAREE Journalism Competition

June 20, 2025
Mortgage
Industry News

Mortgage Mix: CFPB’s Attempted Rollback on Redlining Settlement Denied by Judge

June 20, 2025
Housing
Agents

The Housing Crisis Demands Action—Here’s a Blueprint

June 20, 2025
Empowering Female Business Owners on Their Path to Aligned Ambition
Agents

Empowering Female Business Owners on Their Path to Aligned Ambition

June 19, 2025
Please login to join discussion
Tip of the Day

Why a Dirty Car Could Cost You the Deal

Think a dirty car doesn’t matter? Think again. Learn just how much first impressions can make or break a deal. See how.

Business Tip of the Day provided by

Recent Posts

  • New York-Based Marquee Realty Joins Howard Hanna Real Estate Services
  • Cutting Out the Noise
  • RISMedia Wins Gold, Silver Awards, Special Recognition at 2025 NAREE Journalism Competition

Categories

  • Spotlights
  • Best Practices
  • Advice
  • Marketing
  • Technology
  • Social Media

The Most Important Real Estate News & Events

Click below to receive the latest real estate news and events directly to your inbox.

Sign Up
By signing up, you agree to our TOS and Privacy Policy.

About Blog Our Products Our Team Contact Advertise/Sponsor Media Kit Email Whitelist Terms & Policies ACE Marketing Technologies LLC

© 2025 RISMedia. All Rights Reserved. Design by Real Estate Webmasters.

No Result
View All Result
  • Home
  • Premier
  • Reports
  • News
    • Agents
    • Brokers
    • Teams
    • Consumer
    • Marketing
    • Coaching
    • Technology
    • Headliners New
    • Luxury
    • Best Practices
    • National
    • Our Editors
  • Publications
    • Real Estate Magazine
    • Past Issues
    • Custom Covers
  • Events
    • Upcoming Events
    • Podcasts
    • Event Coverage
  • Education
    • Get Licensed
    • REALTOR® Courses
    • Continuing Education
    • Luxury Designation
    • Real Estate Tools
  • Newsmakers
    • 2025 Newsmakers
    • 2024 Newsmakers
    • 2023 Newsmakers
    • 2022 Newsmakers
    • 2021 Newsmakers
    • 2020 Newsmakers
    • 2019 Newsmakers
  • Power Broker
    • 2025 Power Broker
    • 2024 Power Broker
    • 2023 Power Broker
    • 2022 Power Broker
    • 2021 Power Broker
    • 2020 Power Broker
    • 2019 Power Broker
  • Join Premier
  • Sign In

© 2025 RISMedia. All Rights Reserved. Design by Real Estate Webmasters.

X