Facts At a Glance - Hispanic Homeownership, from the NAHREP website
One in two (49.7%) Hispanic households in the 50 U.S. states and the District of Columbia own their homes in 2005, up from a homeownership rate of 42.4% in 1990. (Department of Housing and Urban Development)
More than 60% of U.S. born Hispanics own their own home, a rate that is much closer to that of non-Hispanic whites (76%) than that of Hispanics overall (49%) and especially that of Hispanic non-citizens (34%). ("Hispanic Housing in the United States 2006", Institute for Latino Studies)
Between 1995-2005, the number of Hispanic owner-occupied homes increased by 3.1 million reaching a total of 6.9 million in 2005. This is an 81 percent increase over the 10-year period beginning in 1995 and compares to a 19% increase for all other non-Hispanic owner-occupied homes. ("Hispanic Housing in the United States 2006", Institute for Latino Studies)
The number of Hispanics who own a home rose by 1.9 million (or 36%) in the 1990's, reaching a total of 5.2 million and posting a homeownership rate of 45.7% in 2000.
The average age of a Latino homebuyer is 24 compared to 32 among Caucasians. (National Association of Realtors)
Over the next 20 years Hispanics are expected to make up 40 percent of all first-time homebuyers. (Harvard Joint Center for Housing Studies)
Hispanics prefer to work with a real estate practitioner who speaks their own language. More than any other ethnic group, Hispanics say they feel uncomfortable handling business transactions in English. (Texas A&M University Real Estate Center)
Forty-eight percent of Hispanics who do not own a home say that they are likely to purchase a home in the next two or three years. ( Texas A&M University Real Estate Center )
Approximately 1.5 million Latino households will buy homes by 2010, but another 700,000 Latino families could become homeowners if the housing industry offered bilingual outreach, counseling and access to innovative mortgage products. (Tomas Rivera Policy Institute)
Despite the Latino community's rapid growth, the report warns that Latino homebuyers face several hurdles to home buying. Specifically, the chief difficulties anticipated by survey respondents who plan to buy within the next five years were a lack of familiarity with the mortgage process (64%), saving for a down payment (53 percent) and finding a trustworthy advisor (53%) according to the Tomas Rivera Policy Institute.
Homeownership equity accounts for 63% of Hispanic household wealth - the highest of any group. (Federal Reserve Board's Survey of Consumer Finances 2001)