The ownership rate rose 4 percentage points in 10 years, topping 50%, according to a report by the National Association of Realtors.
A majority of Hispanic Americans now own a home, a milestone that was reached in part thanks to demographics and income growth.
The rate for Hispanics remains well below the national average of 65.5% — and that of White Americans, at 72.7%. Owning a home is a major factor of building wealth over a lifetime. Lower ownership rates among minorities, who often face racial disparities in the mortgage market, has been source of widening inequalities for generations in the country.
Latino buyers have a substantially higher level of income than any other groups, the NAR report also found. They are younger than White and Black owners, and are more likely to be married and to opt for a multi-generational home with greater square footage. “The relationship between education and income is strong,” said Nadia Evangelou, NAR’s director of real estate research. “Educational obtainment among Hispanics has been changing rapidly.”
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