2021 Annual Housing Census Data Confirms Continued Increase in Latino Homeownership Rate but Gains Trailed the Overall Market
NAHREP celebrates this week's release of 2021 homeownership data from the U.S. Census Bureau's Current Population Survey/Housing Vacancy Survey. The data shows that Hispanic households saw an upward trajectory in 2021 despite facing one of the most difficult housing markets for first-time homebuyers in history.
SAN DIEGO, Feb. 3, 2022 /PRNewswire-PRWeb/ -- The National Association of Hispanic Real Estate Professionals® (NAHREP®) celebrates this week's release of 2021 homeownership data from the U.S. Census Bureau's Current Population Survey/Housing Vacancy Survey. The data shows that Hispanic households saw an upward trajectory in 2021 despite facing one of the most difficult housing markets for first-time homebuyers in history.
In 2021 the Hispanic homeownership rate increased to 48.4 percent, adding a total of 657,000 new Hispanic owner households since 2019. Additionally, Hispanics added 1,025,000 net new households, accounting for 27 percent of household formation growth over the last two years.
While the Latino homeownership gains were positive, they trailed the overall market for the first time in three years. This trend underscores critical barriers Latinos face in the market: Latinos are overwhelmingly concentrated in the areas of the country with the most acute housing shortages, first-time homebuyer loan products such as Federal Housing Administration (FHA) loans faced historic hurdles particularly for those who are self-employed, the real estate industry lacks representation and diversity reflective of its consumer base, and Latinos remain the most under-invested demographic today.
"While the data shows that Latinos will account for the super-majority of growth in U.S. homeownership, the Latino market remains the most undercapitalized segment in the housing economy," said Gary Acosta, NAHREP Co-Founder & CEO.
For a full breakdown and analysis of Hispanic homeownership trends, the National Association of Hispanic Real Estate Professionals will be releasing its 2021 State of Hispanic Homeownership Report on March 16, 2022, at the 2022 NAHREP National Convention and Housing Policy Summit.
In 2020, the U.S. Census Bureau's Current Population Survey/Housing Vacancy Survey was compromised as changes in methodology and a significantly lower number of responses resulted in unusually higher homeownership rates across all demographics. Given these challenges, NAHREP has analyzed homeownership trends from 2019 to 2021 to offer a more accurate analysis. For more information from the U.S. Census Bureau on how the pandemic impacted data collection in 2020, visit their Source and Accuracy Documentation.
About NAHREP
The National Association of Hispanic Real Estate Professionals® (NAHREP®), a nonprofit 501(c)6 trade association, is dedicated to advancing sustainable homeownership for the Hispanic community in America. NAHREP has a network of over 40,000 real estate professionals and 100 local chapters nationwide, hosting several national events per year and publishing multiple industry cornerstone reports annually. Join us in advocating for policies that grow sustainable Latino homeownership, read our 2021 policy priorities here. Also, see the NAHREP Hispanic Homeownership by Congressional District Tool which measures Hispanic homeownership by U.S. congressional district, allowing constituents, advocates, policymakers, and lending and housing professionals to evaluate district performance at a glance. Watch the Hispanic homeownership short film.
Press Contact:
Katherine Wood
NAHREP
[email protected]
(619) 719-4814
SOURCE NAHREP
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