Key facts, trends and statistics from the National Association of Hispanic Real Estate Professionals
The National Association of Hispanic Real Estate Professionals (NAHREP) has released its annual State of Hispanic Homeownership Report, and the data points are definitely worth taking a look at. Here’s a high-level look at findings of interest:
- Our country’s 62.6 million Hispanics make up 18.9 percent of the total U.S. population.
- 68.1 percent of U.S. citizen Hispanics were U.S. born.
- More than half our country’s population growth over the last 10 years is attributable to growth in the Hispanic population.
- The national Hispanic homeownership rate rose to 48.6 percent in 2022 – an addition of 349,000 households for a grand total of 9.2 million.
- Although the Hispanic homeownership rate was slightly higher before the 2008 housing collapse (49.7 percent), this figure does represent an eighth consecutive year of growth.
- Hispanic homebuyers had a median age of 30, compared to a median age of 38 for all homebuyers.
- 31.7 percent of Hispanics in the U.S. live in multi-generational households.
- 39 percent of non-owner Hispanics were mortgage-ready in 2022.
- Hispanics are projected to account for 70 percent of all homeownership growth over the next 20 years.
- Hispanics make up 5.6 percent of Minnesota’s total population.
- Minnesota’s Hispanic homeownership rate was 56.6 percent in 2022, compared to 73 percent for the general population and 77.5 percent for white non-Hispanics.
- The median household income for Minnesota Hispanics in 2022 was just over $64,000.
- Based on median household income and median home price, the Twin Cities Metro is the sixth most affordable market in the country for prospective Hispanic homebuyers.
Other Statistics of Note
- Hispanic borrowers were 66 percent more likely to be denied conventional financing than non-Hispanics.
- Hispanic borrowers were twice as likely to use FHA, where they were just four percent more likely than non-Hispanics to be denied.
- As interest rates rose and sales fell during 2022, FHA became much more competitive and successful for buyers in the homebuying marketplace.