Unprecedented events from the past year disrupted nearly every industry and profoundly changed many facets of our society, including homeownership. The original fear of residential real estate tanking during the pandemic gave way to bullish seller’s markets across the country. What about Latino homeownership?
The U.S. Latino cohort is massive, and growing quickly. As the recent 2020 Census results revealed, Hispanics comprise 62 million people, nearly 19% of the population, and $1.5 trillion in buying power. These staggering numbers caught the attention of several verticals, including the real estate industry.
In fact, during the decade leading up to the pandemic, Latinos accounted for over half (51.4%) of all homeownership growth in the United States. Unfortunately, the news is not all good. Despite this growing trend, Hispanics, as well as other minorities and low-income homebuyers, still face considerable barriers that hinder economic mobility.
In short, demand is there but supply is a major problem. Until we address the structural issues of low housing inventory and lack of access to credit, then a democratized prosperity will continue to elude us.
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