Hispanic ownership rate up for first time in 6 years
WASHINGTON – March 18, 2016 – According to a report released by the Hispanic Wealth Project and the National Association of Hispanic Real Estate Professionals (NAHREP), the Hispanic homeownership rate rose in 2015 for the first time since 2009.
According to the State of Hispanic Homeownership Report, the Hispanic homeownership rate averaged 45.6 percent last year, up 0.2 percent from 2014. However, a comparison of year-to-year December numbers found that the rate surged from 44.5 percent in 2014 to 46.7 percent in 2015 – the biggest one-year gain in over a decade.
"Policymakers and the housing industry need to recognize that the face of homeownership in America has changed, and it is in everyone's interest to ensure that these new consumers have access to relevant lending products, affordable housing stock, and culturally competent service providers in the coming years," says NAHREP President Joseph Nery.
Meanwhile, "The Latino community is massive, it's ready to own, and it's now," says Mortgage Bankers Association President and CEO David Stevens notes. "The significance of Hispanics to housing and the economy will only grow, creating opportunity for all who focus on this vibrant, dynamic and impactful part of the U.S. economy."
Source: RealtorMag (03/16/2016)© Copyright 2016 INFORMATION, INC. Bethesda, MD (301) 215-4688