There’s good news and there’s really good news when it comes to the Latino community and their household wealth. According to the 2021 State of Hispanic Wealth Report, compiled by the National Association of Hispanic Real Estate Professionals (NAHREP) and the Hispanic Wealth Project (HWP), the Latino community’s current household wealth increased by 63.6% between 2016 and 2019 – the highest wealth increase for any demographic.
Even better? The report also shows that not only is the net worth of Latino homeowners 28 times that of renters ($171,900 vs. $6,210 respectively), it also reveals that 33% of community members’ wealth comes from home equity, with a median of $95,000 in home equity.
“The Latino community is making more and more strides to raise their homeownership rate over the current 48% mark they’re at now. Real estate professionals are in a position to help guide community members through one of life’s biggest transactions,” says Mike Reagan, RE/MAX Senior Vice President of Industry Relations and Global Growth & Development. “RE/MAX agents, who help hundreds of thousands of families buy or sell a home each year, are especially poised to help provide the resources, knowledge and expertise to help turn dreams into reality while also helping overcome the real or perceived obstacles that lie ahead.”
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According to the report, the Latino community is very interested in real estate. In fact, 53% of Latino renters reported wanting to purchase a home in the next five years. That’s far higher than the corresponding 31% response of non-Hispanic white renters. Additionally, 36% of the Latino survey respondents said they’d like to purchase an investment property in the next five years – again, that’s three times as high as their non-Hispanic white counterparts.
It’s important to note, however, 30% of those surveyed said they believed a 20% down payment is required to purchase a home – a common misperception for first-time homebuyers. The down payment, the report shows, is one of the biggest obstacles standing in the way of more Latino community members purchasing real estate.
RE/MAX, a longtime partner of NAHREP, sponsors the organization’s English/Spanish Glossary of Real Estate Industry Terms and has had the highest representation of agents included in NAHREP’s Top 250 Latino Agents List for six straight years.
To view the full 2021 State of Hispanic Wealth Report, visit hispanicwealthproject.org.
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Written by RE/MAX NEWS
