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The State of Hispanic Homeownership

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The State of Hispanic Homeownership

2023 saw a net gain of 377,000 Latino owner-households, the largest single-year gain in almost 20 years, a recent report finds

March 12, 2024
Hispanic family moving into new home and unpacking boxes
Image: Monkey Business / stock.adobe.com

Despite challenging conditions with regard to housing affordability, during 2023 Latinos persisted in their efforts to turn dreams of homeownership into reality, according to the most recent "State of Hispanic Homeownership Report" from the National Association of Hispanic Real Estate Professionals and the Hispanic Wealth Project. Now in its 14th year of publication, the report examines how the U.S. Hispanic population is faring with respect to attaining homeownership and also looks at Hispanic consumer purchasing power and trends to provide insights into opportunities and barriers to future homeownership growth for this demographic group.

The Hispanic homeownership rate has risen steadily for nearly a decade, and in 2023 homeownership among Hispanics grew more significantly than any other racial or ethnic group, reaching 49.5%. Even in a tough market, Hispanic buyers were able to achieve homeownership by being willing to relocate to more affordable locales and utilizing co-borrowers in financing, as well as taking advantage of local and specialized programs aimed at assisting potential buyers with making a home purchase.

Over the last decade, Latinos formed an additional 4.6 million new households, an increase of 31.0 percent. Latinos are rapidly forming new households, a key precursor to homeownership. In 2023 alone, Latinos saw a net gain of 450,000 new households and were responsible for a quarter (25.5 percent) of overall U.S. household formation growth.15 The relative youth of Latinos likely plays a significant role in household formations. With a median age of 30.7, Latinos are significantly younger than their non-Hispanic counterparts (median age 41.1). As young Latinos age out of their parents' homes and form new households, the total number of Latino households is expected to increase. Today, nearly a third (29.5 percent) of Latinos are under the age of 18, with 2.2 million turning 18 within the next two years alone.16 

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