Last year, the Urban Institute released a study titled, “Headship and Homeownership: What Does the Future Hold?” In the study, they focus on the “pace of household formation and homeownership attainment—nationally and by age groups and race/ethnicity over the past quarter-century—and project future trends.”
According to the study:
- There are 11.6 million new households projected from 2010 to 2020, and 10.4 million new households projected from 2020 to 2030.
- Of the 11.6 million new households, 8.9 million will be minority households.
- Of those 8.9 million households, 4.6 million (39%) will be Hispanic.
- Of the 10.4 million new households projected from 2020 to 2030, it is projected that 46% will be Hispanic.
But, how many of these projected Hispanic households will be homeowners, and what is the current rate of Hispanic homeownership in the U.S.?
In their report, Residential Vacancies and Homeownership In the First Quarter 2016, the U.S. Census Bureau found a homeownership rate of 45.3% among Hispanics. This is a year-over-year increase of 1.2% in comparison to the first quarter of 2015. (Last numbers reported.)
Here are the numbers for 2015:
- First quarter: 44.1%
- Second quarter: 45.4 %
- Third quarter: 46.1%
- Fourth quarter: 46.7%
As we can see, there is currently a higher percentage of Hispanic homeownership this year!
If you are thinking of buying a home but you are not sure if you qualify, call your local real estate professional and find out your options today.