The overall homeownership rate once again dropped to 63.4 percent last year. Hispanics were the only ethnic group to buck the trend.
HousingWire reports that Hispanics increased household formations by 330,000 and improved their homeownership rate to 46 percent, up from 45.6 percent in 2015. According to the National Association of Hispanic Real Estate Professionals, Hispanics were able to thrive due to their high workforce participation rate.
“With credit remaining tight and limited housing inventory in several markets, these numbers are extremely encouraging and a testament to the economic resilience of the Hispanic community,” 2016 NAHREP President Joseph Nery said. “As the mortgage industry continues to recognize the exceptional opportunities in serving the Hispanic market and adjusts accordingly, we expect these numbers to only improve.”