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2021 State of Hispanic Homeownership Report
The Urban Institute predicts that Latinos will account for 70 percent of homeownership growth over the next 20 years. By the National Association of Hispanic Real Estate Professionals STEADY HOMEOWNERSHIP RATE INCREASE In 2021, the Hispanic homeownership rate increased to 48.4 percent, up from 47.5 in 2019, an increase consistent with the trendline over the last seven years. Latinos added a total of 657,000 owner households between 2019 and 2021. Since 2014, the first year of positive homeownership growth following the Great Recession, Latinos have added a net total of 1.9 million owner households.1 LATINOS ACCOUNTED FOR A LOWER SHARE OF GROWTH In a sharp reversal of trends, the non-Hispanic White population accounted for over half (55.1 percent) of homeownership growth and 41.5 percent of 1 2
household formation growth since 2017. While Latinos accounted for the lion’s share of homeownership and household formation growth in the earlier part of the decade, Latinos accounted for just 20.6 percent of homeownership growth and 29.2 percent of household formation growth respectively during that same period.2 Speculatively, the unexpected boom in nonHispanic White household formations since 2017 (2.7 million) resulted primarily from Millennials who formed households at a slower rate when compared to previous generations and who relied on generational wealth. These individuals were able to take advantage of record-low interest rates and enter the homeownership market. However, given demographic tailwinds in favor of Latinos, this trend is not predicted to continue.
U.S. Census Bureau. (2022, February 2). Current Population Survey/Housing Vacancy Survey. U.S. Census Bureau. (2022, February 2). Current Population Survey/Housing Vacancy Survey.
12 | Salt Lake Realtor ® | June 2022
