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Hispanic Home Ownership On The Rise

Hispanic household growth continues to outpace that of overall U.S. household growth and is an anticipated to do so for the foreseeable future

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A recent report by the National Association of Hispanic Real Estate Professionals (NAHREP) found that In 2018, Hispanics achieved a net gain of 362,000 homeowners. This raised the Hispanic home ownership rate increased from 46.2 percent in 2017 to 47.1 percent in 2018 and was the largest net gain for Hispanics since 2005.

The study also revealed that in 2018, Hispanics formed 485,000 new households, accounting for 32.4 percent of total U.S. household formations.

According to Harvard’s Joint Center for Housing Studies, Hispanic are projected to increase by 4.6 million households between 2015 and 2025. Hispanic household growth continues to outpace that of overall U.S. household growth and is an anticipated to do so for the foreseeable future.

Multi-generational household composition is on the rise across many U.S. demographic groups, and Hispanics are more likely to live in multi-generational households. This is due in part to cultural factors and in part to the higher likelihood of Hispanics containing foreign-born householders.

For the fourth consecutive year, Hispanics were the only ethnic demographic group to raise their rate of homeownership. At 47.1 percent, the rate of Hispanic homeownership is less than three percentage points from its all-time high of 49.7 percent.

In nearly every state where Hispanics account for greater than 30 percent of the state’s population, their rate of home ownership is above 50 percent. California is the only exception where Hispanics comprise 38.8 percent of the state’s population and have a 43.07 rate of home ownership. This difference is heavily influenced by the intersection of pervasive affordability challenges and inventory shortages across California.

33% of the approximate 540,000 Hispanics living in Connecticut are home owners , according to the Pew Research Center. That’s ranked 35th in the nation.  

Per the Zillow Home Value Index report, the median home value in Connecticut is $244,500. Connecticut home values have gone up 2.6% over the past year and Zillow predicts they will rise 1.1% within the next year.

Source NAHREP, 2018 State of Hispanic Home Ownership Report

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