New NAHREP Report Finds Homeownership Growth Continues Eight-Year Trajectory

New NAHREP Report Finds Homeownership Growth Continues Eight-Year Trajectory Despite Record-Breaking Affordability Challenges

Image of Justin Johnson By Justin Johnson.
Updated Mar 14, 2023

SAN DIEGO (PRWEB) March 14, 2023 - The National Association of Hispanic Real Estate Professionals released the 2022 State of Hispanic Homeownership Report today which examines the progress made in the last year toward the organizations mission of increasing sustainable Hispanic homeownership. The release of the report coincides with the start of the second part of NAHREPs Homeownership & Wealth Building Conference which resumes today and runs until Wednesday, March 15.

In 2022, the Hispanic homeownership rate increased to 48.6 percent, consistent with the trendline of the past eight years. These homeownership gains came despite a tight housing market and affordability challenges that impacted first-time homebuyers. Home price appreciation hit a record high of 20.1 percent and interest rates escalated to over 7 percent. However, Latinos still managed to add 349,000 homeowner households, one of this demographic's largest single-year gains over the last 10 years. Latinos will remain critical drivers to U.S. homeownership growth, given their youthfulness, labor force participation, and growing population rate.

This years report features photographs of real people and families in Houston, Texas who bought a home in the last year. The Houston Photography Project was shot by Adriel Salazar of Master Space Media. Houston, Texas continues to be one of the nations top opportunity markets for new Latino homebuyers and ranks the top markets adding the greatest number of net new homeowners over the last two years.

Latinos continue on an 8-year homeownership growth trajectory despite home price appreciation and soaring interest rates once again demonstrating a resilience that will help fuel economic growth and prosperity for an increasing number of American households, said Gary Acosta, NAHREP Co-Founder & CEO.

The vibrance and momentum of Latino homeownership growth will continue with the increasing number of new Latino households, the entrance of younger homebuyers, and more lenders bringing SPCPs to market to the mortgage-ready Latino homebuyer, said Nuria Rivera, NAHREP 2023 National President.

Report Highlights

See Full Agenda here. Media Registration is available here. Contact: press@nahrep.org

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