Hispanic Homeownership is Increasing
The 2018 State of Hispanic Homeowners Report shows that Hispanic Americans have been the only minority group to raise its homeownership rate every year for the past four years. The Hispanic community has accounted for 62.7 percent of net homeownership gains in the U.S.
To put more tangible numbers behind these statistics, in 2017, 6.3 million Hispanics owned homes. Whereas, in 2018, 7.9 million Hispanics owned homes – an increase of 1.6 million homeowners.
Last year, 47.1 percent of Hispanic Americans owned a home – the highest percentage since 2010, as homeownership was steadily decreasing as a result of the housing crisis.
Nonetheless, the percentage of Hispanic Americans owning homes can be deceiving. While Hispanic homeownership percentage in 2010 (47.5 percent) was higher than it is now, there are far more Hispanic homeowners now than there was back then.
How can that be?
In 2010, there were 6.2 million Hispanic homeowners in the United States. Today, there are more than 7.85 million Hispanic homeowners. The reason the percentage is about the same but the total number of Hispanic homeowners is much greater is due to the growth of the Hispanic population within the United States.
According to Pew Research, the Hispanic population in the United States was 50.8 million in 2010. Today, the U.S. Hispanic population is about 58 million.
What Does this Mean for Rent to Own?
As the Hispanic population continues to grow within the United States, their demand will continue to grow for housing. This relates to rent to own because it’s a growing market for sellers to lease-option their homes to. Additionally, rent to own buyers can look to this community as future buyers of their home if they choose to move after purchasing.