We recently mentioned that the National Association of Hispanic Real Estate Professionals (NAHREP) released their 2016 Hispanic Wealth Project Annual Report, and we promised to break it down and share some of its findings on homeownership.
Three key drivers were considered when projecting the potential impact of Hispanic homeownership gains on the overall U.S. Economy:
- Household Growth
We will focus on two of them this week (today & Thursday), and the last one on next Wednesday.
What are they looking for?
Is the population substantial enough for its homeownership gains to make a material impact on the economy, AND what is its continued trajectory?
In the 2015 State of Hispanic Homeownership Report, NAHREP mentioned that “the Hispanic Population reached the 57 million threshold and now comprises 18% of the overall population.” They believe that since the typical Hispanic household is comprised of two parents and at least one child, it is much more likely to become an owner household in the near future.
The HWP report also mentioned that “for five consecutive years Hispanics have achieved measurable gains in homeownership.” As we can see in the graph below, “With a net increase of 245,000 owner households, Hispanics accounted for 69 percent of the total net growth in U.S. Homeownership in 2015.” Furthermore, “Hispanics continue to increase their population at a substantial pace and are anticipated to account for 30 % of the U.S. population by 2060.”
But what does job growth, educational attainment, and workforce participation look like for this segment of the population? We will look at those numbers tomorrow!