Hispanic Homeownership Hits Record High
In 2024, 9.8M Hispanic households owned homes, but the rate fell as household growth outpaced ownership. NAHREP urges action on affordability and supply.
SAN DIEGO, Calif. — In 2024, Hispanic homeownership reached a record high, with 9.8 million Hispanic households now owning their homes, the National Association of Hispanic Real Estate Professionals (NAHREP) said. In the most recent year, Hispanic households saw a net gain of 238,000 new homeowners, marking the largest increase among any racial or ethnic demographic for the second consecutive year. However, despite this milestone, the Hispanic homeownership rate declined for the first time in a decade. Although more Hispanic households own homes today than ever before, the rate of Hispanic household formations is outpacing homeownership growth by a ratio of three to one.
"Hispanics are driving growth in the workforce, household formations, and new business creation in the country. The data indicates that the growth of Hispanic homeownership will be limited only by the industry's ability to meet demand," said NAHREP Co-Founder & CEO Gary Acosta.
NAHREP released its 2024 State of Hispanic Homeownership Report, which provides data-driven insights into Latino homebuying trends, including what obstacles they face and what solutions are needed to sustain homeownership growth.
"Latinos are ready to buy, but you can't buy what's not for sale," Acosta said. "Tight inventory, record high prices, and new regulations worsening affordability are making it even tougher for first-time buyers to compete. However, Latinos aren't backing down — homeownership remains at the heart of the American Dream. That's why NAHREP is advocating for policies that ensure more families have the opportunity to achieve it."
Home prices have increased by 5% over the past year and 47% since before the COVID-19 pandemic began. Skyrocketing home prices are pushing aspiring homebuyers out of expensive markets and into more affordable regions of the country. Texas has dominated all other states for the third year in a row, welcoming 128,900 new Hispanic residents. Additionally, buyers are increasingly moving to markets beyond the usual Latino hotspots. Newcomers in cities like St. Louis, Pittsburgh and Wichita are discovering more affordable housing options and vibrant communities where homeownership is attainable.
The report emphasizes the urgent need for focused action on affordability, credit access and industry regulations.
Source: National Association of Hispanic Real Estate Professionals
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