Latest news with #NationalAssociationofHispanicRealEstateProfessionals
Forbes
14-04-2025
- Business
- Forbes
Hispanic Homeownership Hits Record High: A Wake-Up Call For Brands
A recent report released by the National Association of Hispanic Real Estate Professionals (NAHREP) sheds light on the state of Hispanic homeownership in America in 2024. Drawing from both publicly available data and insights from real estate practitioners within the NAHREP network, the report aims to tell the evolving story of Hispanic homeownership. It highlights key trends in homeownership growth, including barriers, opportunities, and cultural nuances influencing Hispanic consumers. These insights help shape NAHREP's policy priorities for legislative and administrative actions, while guiding industry efforts to reduce barriers and expand homeownership opportunities. Despite rising home prices and high interest rates, the number of Hispanic homeowners in the U.S. reached a record 9,781,000 in 2024—representing 49% of all Hispanic households. Although this figure is slightly below the 49.5% reported in 2023, it reflects a net gain of 238,000 new Hispanic homeowners over the past year. These 238,000 new homeowners accounted for 35% of the nation's total net growth in homeownership, a disproportionately high share compared to the overall Hispanic population, which makes up approximately 15% of U.S. households. This means Hispanics are punching above their weight in driving homeownership growth. Despite accounting for only 36% of total households, non-white households represented 82% of all new household formations in the U.S. This indicates the increasing importance of multicultural segments in shaping the future housing market. One particularly striking data point is that Hispanics formed 676,000 households in 2024, accounting for 43% of all new household formations in the country. However, many of these households opted to rent instead which contributed to the slight dip in the Hispanic homeownership rate from 49.5% to 49%. The growth in Hispanic homeownership over the past decade has been remarkable. In 2014, only 6,864,000 Hispanic households owned a home. By 2024, that number had increased by nearly 3 million—a 42% increase in just ten years. According to the report, this sustained growth is driven by several factors: greater mobility to relocate to more affordable regions, innovative financing solutions, and a strong cultural commitment to achieving the American Dream. With a median age of 31, Hispanics are young compared to the general population, and 43% of Hispanic homebuyers in 2024 were under 45 years old. By comparison, only 38% of non-Hispanic homebuyers are under the age of 45. Nearly half of Hispanic heads of households belong to the Millennial or Gen Z generations. Geographically, Texas continues its long-standing trend as the state with the largest increase in Hispanic homeowners. Interestingly, less traditional markets like St. Louis, Pittsburgh, and Wichita have also emerged as popular destinations due to more affordable housing options and lower costs of living. The report emphasizes that the economic influence of the U.S. Hispanic population is growing faster than its size. As the country faces economic uncertainty and potential recession, the Hispanic consumer segment stands out as a critical driver of sustainable business growth. Moreover, the ripple effect of increasing Hispanic homeownership extends beyond the real estate sector. It fuels growth across industries such as financial services (mortgages and insurance), construction and building materials, home improvement, appliances, furniture and décor, legal and professional services, utilities, moving and storage, technology, and smart home devices. Gary Acosta, Co-Founder & CEO of NAHREP, states: 'Despite record high prices, tight inventory, and rising interest rates, the resilience and determination of Hispanics have led to record levels in homeownership and household formation. But this progress is not guaranteed. We must address the affordability crisis and remove systemic barriers to ensure that every Latino family has a fair shot at achieving the American Dream.' The findings from the 2024 NAHREP report present a clear and urgent call to action for advertisers: the U.S. Hispanic segment is not just growing—it is driving the future of homeownership and household formation in America. With nearly 10 million Hispanic homeowners and a youthful, upwardly mobile population forming households at record rates, this demographic represents one of the most powerful and untapped engines of economic growth. Brands that recognize this moment and strategically invest in culturally relevant, data-informed marketing will be best positioned to earn the trust and loyalty of this influential audience. The time to act is now. As the Hispanic consumer base continues to expand in size, wealth, and influence, those who delay will fall behind. This is more than a market trend—it's a defining opportunity for brands to align with the values, aspirations, and economic power of the next generation of American consumers.
Yahoo
28-03-2025
- Business
- Yahoo
Homeownership in reach for Hispanic buyers
Mar. 28—MOSES LAKE — The National Association of Realtors recently released its "2025 Snapshot of Race and Home Buying in America," and the numbers tell several different stories, particularly where Hispanic homeowners and buyers are concerned. Hispanic Americans experienced the largest gains in homeownership rates between 2013 and 2023, according to the report, going from 45.2% to 51%, a gain of almost six percentage points, according to the report. This means more than 3.5 million Hispanics in the U.S. purchased their first homes during that decade. In Washington state, Hispanic home buyers accounted for 17.2% of homeownership growth over the last 10 years, according to data from the National Association of Hispanic Real Estate Professionals. The NAR report highlighted some disparities nationwide in homeownership opportunities between Hispanic and Anglo buyers, but those aren't really a factor in the Columbia Basin, said Jesse "Weno" Dominguez, CEO of Imagine Realty in Othello. Othello is 85% Hispanic, Dominguez said, and he sees no barriers to home ownership on that basis. "We're right on target," Dominguez said. "I don't think there are any disparities here ... if there was a disparity I wouldn't have a job in this community." On average in the U.S., 17% of Hispanic applicants for a mortgage were denied, according to the NAR's figures, compared to 11% of Anglo applicants. In Washington, the denial rate for Hispanic applicants was 13%. The study cited credit history and higher debt-to-income ratios as significant causes. Those don't have to be deal-breakers, however, Dominguez said, pointing out that in recent years many companies have begun to lend money to an applicant with an Individual Taxpayer Identification Number, or ITIN, for residents who don't qualify for a Social Security number because they're not citizens. That makes it possible for an ITIN holder to build up credit. "You can build your credit," Dominguez said. "I think JC Penney will take your ITIN for credit history. You can get car loans with your ITIN number. And once you have credit with your ITIN number, you're going have to put more money down, a higher percentage, but you can still buy a home. We've sold multiple homes with ITIN numbers throughout the years." Language barriers aren't the problem in the Basin that they might be elsewhere either, Dominguez said. "There's a lot of Spanish-speaking Realtors out there, and real estate agents," he said. "Same thing with loan officers. Every bank I know has a Spanish-speaking (employee) or interpreting services." Lenders have a number of programs that buyers may not be aware of and can often find solutions to problems that look insurmountable at first, said Rosa Cabrera, a loan officer with Self-Help Credit Union, at a first-time home buyers seminar last week. "One thing that I tell a lot of our community (is) don't be afraid to ask, give us a call," Cabrera said. "It doesn't harm you whatsoever just giving us a call and (saying) 'I have a question. I have a scenario. What do you think about this? Is this even possible?' And then we will do our best to guide you to that solution. There are families (where) it can take us two, three years in the whole process, but we will not give up." Self-Help Credit Union has programs to help first-time home buyers with down payments and closing costs, two of the biggest barriers, Cabrera said. The state and federal governments have assistance as well, Dominguez said. "If you really want a home, there should be nothing stopping you," he said. "You need to learn how to find the right programs." The key is to find the experts who know how the process works and listen to them, Dominguez said. "Sit down with a professional and come up with a plan," he said. "Don't just go out and buy. Meet with one of us (real estate agents), meet with a loan officer and have somebody guide you, show you the way. There's so many possibilities out there."
