An increase in household income creates many new opportunities, many of which the Hispanic Community in the U.S. is already taking advantage of; Here is a look into what they are currently experiencing.
The average income of Hispanic households was $42,396 in 2014 (an increase from $40,946 in 2009). The percentage of Hispanics with a household income greater than $50,000 also increased in 2014 to 43% (compared to 30% in 2000), according to a recent report from Nielsen.
Both U.S. born and foreign-born Hispanics experienced an increase in income exceeding $50,000:
- U.S born: increased to 48% in 2014 compared to 33% in 2000
- Foreign-born: increased to 38% in 2014 compared to 26% in 2000
This is great news, especially for those who are thinking of buying their first home, or even moving up to the home of their dreams thanks to the increase in income.
According to the report, “Residential Vacancies and Homeownership in the Second Quarter 2016,” from the U.S. Census Bureau, the homeownership rate among Hispanics is 45.1% (last numbers reported). Hopefully with this increase in income, we will also see an increase in the homeownership rate among Hispanics!