Last month, the National Association of Hispanic Real Estate Professionals (NAHREP) released their annual State of Hispanic Homeownership Report for 2016. This is a 24-page report that focuses “on the household formation rates and the consequent homeownership growth of Hispanics as well as their related educational achievements, entrepreneurial undertakings, labor force profile, and consumer purchasing power in the country.”
The report is full of great information, so you should download it and read all 24 pages. In this blog post, I will mention a few facts that, in my opinion, are relevant to all of us:
Homeownership & Household Formation
- In 2016, 7,301,000 Hispanic households owned their homes (a 209,000 increase from 2015). Accounting for 74.9% of the net growth in overall U.S. homeownership.
- The Hispanic rate of homeownership increased to 46.0% in 2016 (from 45.6% in 2015), while the nation’s overall homeownership rate declined to 63.4%.
- In 2016, Hispanics accounted for 220,000 new household formations, representing 38% of the total household formations in the country.
- Since 2000, Hispanic households have increased by 6.7 million, representing approximately 42.5% of overall household growth in the United States.
- Hispanic household annual median real incomes rose by 6.1%.
- Poverty among Hispanics further declined to 21.4%.
- Over the past decade, Latinos have been responsible for 29% of real income growth in the country.
- The number of Latino households with incomes over $150,000 grew by 194% from 2005 to 2015.
- Hispanics experienced the largest increase of any demographic in households earning $200,000 or more annually from 2005 to 2014.
- The U.S. Latino population’s purchasing power in 2016 was $1.4 trillion.
- Latinos accounted for 20.8% of new entrepreneurs in 2015, up from 10.0% in 1996.
- Latino-owned businesses increased to approximately 4.2 million by the end of 2016.
- Hispanic businesses are growing at twice the national average and contributing $668 billion annually to the U.S. economy.