Report finds that Hispanic homeownership increased again
May 6, 2021
In 2020, the State of Hispanic Homeownership Report put together by the National Association of Hispanic Real Estate Professionals (NAHREP) was released. It examines the progress made when it comes to Hispanic homeownership.
Hispanic homeownership increased for the 6th consecutive year, even during the pandemic. The main barrier is housing inventory for Hispanic homeownership. Jose Cardenas talked with Noerena Limón, the Executive Vice President of Public Policy and Industry Relations at the National Association of Hispanic Real Estate Professionals. She gives us the highlights.
She said they tried to make sense of the Hispanic homeownership “story” of 2020. She said Latinos are increasing their homeownership despite the policies. She said it is very surprising and the rate is supposed to continue. She gives other statistics and projections about the rate of Hispanic homeownership in the United States.
She said they looked at it by using a scale. The positive contributors somehow out scale the negative contributors she explained. She also said Latinos had a higher infection rate of COVID than many others. Numerous things made it more difficult for them to purchase homes. She said there was a higher desire for homeownership.
Limón said every time someone does a report on Latinos, they have to really separate the data because there are over 20 countries with different migration stories with many different backgrounds. She said the Chilean descent had the highest homeownership rates. Some of the populations have been in the US longer than others and this also affects the rates.
We also talk about policy priorities and how to advance Hispanic homeownership. One of these ways is by keeping up with demand and building enough homes. She said building more homes will bring down the cost of homes for first-time homebuyers down. She said others include immigration reform and access to credit.