The Hispanic demographic was the only ethnic demographic with an increase in the homeownership rate in 2016. The Hispanic homeownership rate rose from 45.6 percent in 2015 to 46 percent last year, according to the National Association of Hispanic Real Estate Professionals.
Further, the Hispanic population added 330,000 households, leading in net household formations for 2016 too, according to Census Bureau data.
“With credit remaining tight and limited housing inventory in several markets, these numbers are extremely encouraging and a testament to the economic resilience of the Hispanic community,” says Joseph Nery, 2016 NAHREP president. “As the mortgage industry continues to recognize the exceptional opportunities in serving the Hispanic market and adjusts accordingly, we expect these numbers to only improve.”
The overall U.S. homeownership rate fell from 63.7 percent in 2015 to 63.4 percent in 2016, a 50-year low, Census data shows. The homeownership rate among African Americans dropped from 43 percent to 42.2 percent in 2016, while rates among Asian-Americans dipped from 56.5 percent to 55.5 percent.
Source: National Association of Hispanic Real Estate Professionals