Hispanic homeownership is up — especially in these areas

The state of homeownership among Hispanics

Homeownership among Hispanic Americans is on the rise. According to a new report, Hispanic homeownership rose to 47.1 percent in 2018 — its highest point since 2010. It also marks the biggest annual gain in homeownership for the cohort in 13 years.

A rising tide

According to the newly released State of Hispanic Homeownership Report, 47.1 percent of the country’s Hispanic population owns a home. That’s up from 45.6 percent in 2015 and a gain of 1.5 million homeowners in the last decade.

The report, produced by the National Association of Hispanic Real Estate Professionals, shows that 7.87 million Hispanic Americans are now homeowners. In total, they’ve accounted for nearly 63 percent of all net U.S. homeownership gains in the past 10 years.

According to projections from the Urban Institute, Hispanics will account for 56 percent of all new homeowners by 2030.

Homeownership is on the rise thanks to young buyers

Where homeownership is the highest

At the state level, the rate of Hispanic homeownership is highest in New Mexico. Despite having one of the country’s lowest median household incomes among Hispanics (just $39,356), more than 65 percent of the demographic owns a home in the state.

Other states with high rates of homeownership among Hispanics include Texas (56.8 percent), Wyoming (56.6 percent), West Virginia (52.9 percent) and Idaho (52.2 percent). Puerto Rico also has a high rate at 68.5 percent.

The state with the lowest Hispanic homeownership rate is Rhode Island, where just 27 percent of the cohort owns a home.

The cost of homeownership vs. renting for 3, 5 and 10 years

Trends in Hispanic homeownership

The report also dives into what Hispanics are looking for when purchasing a home, and according to the data, outdoor entertaining space is key. Nearly a third want a built-in outdoor kitchen.

They’re also gravitating toward major markets in the South. The top spot for Hispanic mortgage originations last year was California’s Los Angeles-Long Beach-Anaheim metro area.

Miami, Houston, Phoenix, San Diego and Dallas-Fort Worth also made the top 10, along with New York, Chicago and Washington D.C.

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