U S Mortgage Insurers: Hispanic Population Key Component Of Homeownership Growth nationalmortgageprofessional.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from nationalmortgageprofessional.com Daily Mail and Mail on Sunday newspapers.
April 21, 2021
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More than 600,000 Latinos purchased a home with a mortgage in 2020, resulting in a 13% purchasing increase compared to 2019. Realtor.com notes that the pandemic accelerated many Latinos’ plans to become homeowners with low mortgage rates and lower monthly payments being an added incentive. The National Association of Hispanic Real Estate Professionals’ CEO says this marks the sixth consecutive year Latinos have driven homeownership growth in the U.S. According to data from the Urban Institute, Latino buyers made up more than 50% of homeownership growth during the past decade.
Homeownership has been particularly important in helping Hispanic families build wealth. The equity in that property accounts for 57.6% of Latino wealth. Those who own their homes have a median net worth of $164,000 versus $36,050 for Latino families overall.