The 2016 State of Hispanic Homeownership Report focuses on the household formation rates and the consequent homeownership growth of Hispanics as well as their related educational achievements, entrepreneurial undertakings, labor force profile, and consumer purchasing power in the country.
The 2016 year’s installment highlights data that provides a comparative analysis of this past year and data from previous years since the beginning of the 21st Century. The report specifically analyzes the demographic and economic trends that shape the homebuyer market, including cultural nuances, and the role of Hispanics as drivers of homeownership growth in the United States.
In 2016, 7,301,000 Hispanic households owned their homes. This was a 209,000 increase from the previous year, and accounted for 74.9 percent of the net growth in overall U.S. homeownership. For the second consecutive year, the Hispanic homeownership rate de ed national trends.
The Hispanic rate of homeownership increased from 45.6 percent in 2015 to 46.0 percent in 2016, while the nation’s overall homeownership rate declined to 63.4 percent, a 51-year low. Comparatively, the rate of homeownership for non-Hispanic Whites remained at at 71.9 percent, while the rate of homeownership for both Blacks (42.2 percent) and Asians/others (55.5 percent) both declined by approximately one full percentage point during the same year. Since 2000, Hispanics have added roughly 3.1 million new homeowners, a 73 percent increase.
Source: Hispanic Wealth Project