Median Household Wealth for Hispanics Increases at Nearly Twice the Rate of the Overall Population
SAN DIEGO, Oct. 21, 2023 /PRNewswire-PRWeb/ -- Today, the National Association of Hispanic Real Estate Professionals (NAHREP®) and the Hispanic Wealth Project™ (HWP™) announced that Hispanic household wealth increased by an amount that exceeded a goal established by the organizations in 2014 according to a report released on October 19th by the Federal Reserve Board in their Survey of Consumer Finances (SCF).
According to SCF data, Hispanic median household wealth reached $61,600 in 2022, increasing at a faster rate than any racial or ethnic group. Changes from 2013-2022 (in 2022 inflation-adjusted dollars):
- Hispanics: 3.5x
- Non-Hispanic whites: 1.6x
- Blacks: 2.7x
- Other/multiple races: 2.5x
- General population: 1.9x
In 2013, the SCF reported that Hispanic median household wealth was $17,500, when adjusted for inflation. The following year, NAHREP announced a goal to triple Hispanic wealth and launched the Hispanic Wealth Project™ (HWP), an initiative born in the wake of the Great Recession, when Latinos lost a substantial portion of their household wealth. To guide that goal, the HWP produced a blueprint outlining three primary areas of focus, along with a series of targeted component goals for building wealth: increasing homeownership, scaling small businesses, and diversifying financial assets.
"Despite incredibly challenging environments which included the Great Recession and COVID-19, Hispanic wealth has exploded at a pace never seen before. There is still a substantial wealth gap, but the gap is closing and the primary key indicators are positive and are expected to continue," said Sara Rodriguez, Chairperson of the Hispanic Wealth Project.
NAHREP and HWP released a report in September at the NAHREP at L'ATTITUDE event in Miami that detailed the primary drivers of Hispanic Wealth. The findings of the SCF report will be discussed in detail at the 2023 Hispanic Wealth Symposium in Washington D.C. on November 9, 2023.
Press contact: [email protected]
About the Hispanic Wealth Project:
The Hispanic Wealth Project™ (HWP™), a nonprofit 501(c)3 organization, is committed to empowering Latinos to fully participate and prosper in the U.S. economy through education, small business development, and sustainable homeownership.
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 and multimedia content. Join us in advocating for policies that grow sustainable Latino homeownership, read our 2023 policy priorities here.
Media Contact
Press, Hispanic Wealth Project, 6197194840, [email protected], hispanicwealthproject.org
SOURCE Hispanic Wealth Project
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