Tight credit suppresses Hispanic homeownership in 2014
SAN DIEGO, CA (March 25, 2015) — Latino homeownership rates dropped over the past year from 46.1 to 45.4 percent, according to the 2014 State of Hispanic Homeownership™ report soon to be released by the National Association of Hispanic Real Estate Professionals (NAHREP®). Despite a net increase of 54,000 new homeowners, the Hispanic homeownership rate dropped to the lowest level since 1999 primarily due to tight mortgage credit and higher financing costs. The executive summary of this report can be found at http://nahrep.org/report.
NAHREP’s State of Hispanic Homeownership Report explores current and historical data of Latino population trends, educational achievements, labor force profile, and consumer attitudes in the U.S. This year’s report also includes survey results of 100 of the top Hispanic real estate agents in the country. The top agents ranked tight mortgage credit, housing affordability and down payments as the top three barriers to Hispanic homeownership. The full report will be released on Monday, March 30, 2015 and will be available on NAHREP’s website.
“The State of Hispanic Homeownership Report shows gains in employment, education and income for Latinos, representing the huge influence Latinos have, not only in the housing market, but on the U.S. economy as a whole,” says Jason Madiedo, president of NAHREP. “Access to affordable mortgages for Latino homebuyers would help sustain a healthy housing market and benefit a general economic recovery.”
Other report highlights include:
- Hispanics formed 320,000 new households in 2014, which represented about 40 percent of all new households nationwide.
- 38 million people in the U.S speak Spanish, but 60 percent of them also speak English “very well.”
- Georgia (107,000), Arizona (96,000) and North Carolina (95,000) had large Hispanic population growth, ranking just behind Texas, California and Florida
Despite formidable challenges, top Hispanic real estate agents expect 2015 to be a breakout year, with 65 percent of the agents surveyed forecasting a stronger year for Hispanic homebuyers.
Photo caption: NAHREP president Jason Madiedo
The National Association of Hispanic Real Estate Professionals, a nonprofit 501(c) 6 trade association, is dedicated to advancing sustainable homeownership among Latinos by educating and empowering the real estate professionals that serve them. NAHREP is the premier trade organization for Hispanics and has more than 20,000 members in 48 states and 35 local chapters.