Above, Rose Kemp
As the industry celebrates Hispanic Heritage Month, new data shows Hispanic homeownership continues to swiftly rise, and Hispanic real estate professionals are urging the industry to take notice of this ever-growing business sector.
There are over 9.5 million Hispanic homeowners, a homeownership rate of 49.5%, as reported in the National Association of Hispanic Real Estate Professionals’ (NAHREP) 2024 State of Hispanic Wealth Report—written in conjunction with the Hispanic Wealth Project (HWP).
HWP assisted in creating the report with the goal of reaching a Hispanic homeownership rate of 50% or greater by 2024, and the achievement of this goal grows nearer and nearer as the year comes to a close.
The report also found that 2.8 million Hispanic households have become homeowners since 2013, a growth rate of 41%, outpacing the population growth of 14%. The age of Hispanic homeowners is breaching into younger generations faster than non-Hispanics as well, with 44.8% of Hispanic homeowners being under 35 versus 39.9% of non-Hispanic homeowners.
“Organizations and corporations across the nation understand how important it is in this era that we’re living in to understand Hispanic homeownership, because homeownership is the turning wheel of the economy,” commented Rose Kemp, president of the Orlando Regional REALTOR® Association (ORRA). “Hispanics will be very impactful when it comes to economic growth.”
Kemp was recently appointed to her position as president of ORRA, the first Hispanic president of the organization. She said that she feels humbled by the appointment, but noted that it “represents the changes in our communities, the change in our membership.” Specifically, she said that the National Association of REALTORS® and NAHREP have predicted in their research that by 2030 – 2035, 70% of homebuyers will be Hispanic.
“Hispanic homeowner consumers are the fastest-growing sector in the nation, not just locally statewide, but in the nation,” she said. “What it means to me to be the president of ORRA is that I am representing a very large sector of our homebuyers, of our consumers. It represents diversity, it represents inclusiveness, it represents equity for all. I couldn’t be more proud.”
Kemp said that if you’re a real estate professional who is not serving the Hispanic community, you’re missing out on a larger sector of business that is only going to get bigger. She said that the best way to get started is to get educated.
Education on Hispanic homeownership is something that both NAHREP and Kemp are passionate about—with Kemp actually being a previous president of the North Orlando chapter of NAHREP. Being involved in NAHREP events and getting educated on the Hispanic community is how Kemp says that REALTORS® will continue to see success as the Hispanic homeownership rate grows and grows.
“NAHREP is about disseminating the education and the factual information and the need to know areas for anybody in the real estate community that wants to understand it better,” she said. “That’s how you’re going to understand that sector better, regardless of who you are or what you do in the real estate sector.”
Kemp also noted that being inclusive to the Hispanic community in real estate isn’t just about having Spanish speakers in brokerages and Spanish materials available. It’s about breaking down bias and learning that the community is vast.
“The Hispanic community has so many people from so many different countries, and they’re all so different,” she said. “Everybody’s got different needs, so it’s listening to what the needs are and then understanding that no matter what sector you’re in, you’re going to be doing business with somebody from the Hispanic community.”
For a great place to begin deconstructing bias, the State of Hispanic Wealth Report breaks down many myths of Hispanic homeownership and wealth. Here are two key ones that teach a lot about Hispanic homebuying:
Myth: The wealth gap between Hispanic households and non-Hispanic white households is growing.
Fact: The report actually found that this wealth gap is significantly shrinking, nearly halving since 2013.
Myth: Hispanics predominantly purchase real estate in low- to moderate-income neighborhoods.
Fact: NAHREP stated that 71% of Hispanic home purchases in 2023 were in middle- to upper-income neighborhoods.
When it comes to advice for Hispanic—and non-Hispanic—real estate professionals looking to succeed in the industry, Kemp said one of the most important things you can do is get involved.
“I think what’s most important is understanding that we are a REALTOR® family. You are part of something much larger than just opening up doors and selling homes,” she said. “It’s very important that when a young professional becomes a REALTOR®, they continue to stay engaged, continue to stay involved, be a part of committees and be a part of the councils.”
