Las Vegas Real Estate News

Hispanic Homeownership Growing Faster Than Other Groups

Hispanic home buyers are buoying the home sales industry outpacing all other demographics in buying houses.

Three years ago, Hispanic homeownership was at a 50-year low. Since that time, Hispanic homeownership has grown 3.3%, whereas the overall American population has grown only 1.3%. Hispanics are 18% of the population, but are 63% of homeowner gains in the last 10 years, according to an article in the Wall Street Journal.

The WSJ article mentions that a rapid growth in education and income among Hispanics has led to this growth, but it has been hindered by a lack of affordable starter homes.

Hispanics and other minority groups were significantly impacted by the housing crisis of 2008.

"Local and national lenders have courted a Hispanic clientele, who represent an appealing growth market as overall loan volume has slowed," the article states. "Lenders have added Spanish-speaking loan officers and devoted additional resources to underwriting loans to borrowers who are self-employed or where multiple generations in a family are buying a home together."

In spite of the growth of homeownership and a desire to own homes among Hispanics, particularly young Hispanic people, homeownership is still lower than non-Hispanics (47% to 73%).

For Hispanic home buyers, this growth in the availability of lending sources will make purchasing easier. This, combined with lower interest rates and increasing inventories, might spark a new growth in homeownership among this important and growing group of Americans.

Hispanic Homeownership Growing Faster Than Other Groups

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