The National Association of Hispanic Real Estate Professionals (NAHREP) recently released the 2018 State of Hispanic Homeownership Report. In addition to showing the power of the Hispanic community in the housing market, the report highlights the trends found among Hispanic homebuyers and sellers. The report is released to give real estate practitioners and policymakers an overview of Hispanic homebuyers and the critical role they play in our society.
Here are some key takeaways:
- Illinois is the 5th largest state for the Hispanic population.
- Illinois Hispanic homeownership rate is 47.1 percent.
- By 2060, the Hispanic population will be 27.5 percent f the US population.
- In 2018, Hispanics achieved a 360,000 net gain of new homeowners.
- There is a 66.3 percent participation rate in the U.S labor force within the Hispanic demographic.
- Hispanics are also more likely to live in multigenerational households.
- Hispanic home buyers are more than twice as likely (42.8 percent) to have an FHA loan.
- Overall barriers to Increased Homeownership Gains:
- Housing inventory shortage
- Immigration Reform
- Access to credit
- Financing vehicles
- Top 3 obstacles to getting approved for a mortgage:
- Insufficient credit score/history
- Down payment & closing cost affordability
- Insufficient income
- Median household income is $50,486
- 58.9 million: U.S. Hispanic Population (largest ethnic population in the U.S)