NAHREP Report Shows Hispanic Homeownership Rate Continues to Rise
Despite market challenges, Latinos led in increasing homeownership rates last year.
The National Association of Hispanic Real Estate Professionals (NAHREP) released its annual State of Hispanic Homeownership Report, detailing the trends for Hispanic homebuyers in 2023.
Despite a real estate market bogged down with high interest rates and limited inventory, the report found Latinos grew their homeownership rate higher than any other racial or ethnic group last year, and overall has reached a rate of nearly 50%.
The report points out that Latinos will continue to increase household formation growth as they age out of their parents’ home to create new households and have a median age of 30.7, the youngest racial or ethnic demographic in the country.
High interest rates affected both buyers and sellers, though. Prospective homebuyers had increased mortgage payments, which affected affordability. Some potential sellers were discouraged from putting their homes on the market because interest rates limited the inventory in their price range for subsequent purchase.
The report also spotlighted the importance of buyer’s agents for Latinos and how they can assist homebuyers, especially first-timers, to find programs to lessen the financial burdens of purchasing a home.
The full report expands on economic indications, the barriers to homeownership, potential opportunities, and NAHREP’s policy priorities moving forward.