Our Industry Partner, the National Association of Hispanic Real Estate Professionals (NAHREP), released their 2020 State of Hispanic Homeownership Report, which shows that the Hispanic homeownership rate rose for the sixth year in a row, and the momentum is expected to continue!
Here’s a look into the findings of the report:
- The 2020 Hispanic homeownership rate is 48-49%. This is the only demographic in the U.S. to continuously increase their rate of homeownership for each of the last six years.
- Over 54% of the Hispanic population in Illinois are homeowners.
- There are 8.3 million mortgage-ready Latinos are under the age of 45.
- Latinos will continue to lead in homeownership growth. Between now and 2040, it’s projected that 16.1 million new households will be formed, all of which will come from communities of color. Of those, 8.6 million will be Latino, 4.8 million will be Asian (or other) and 3.3 million will be Black.
- Nearly one in three Latinos rely on FHA financing.
- Over the next 20 years, 70% of new homeowners will be Latino, adding an additional 4.8 million net new homeowners.