Half of Hispanics in U.S. now own a home

A majority of Hispanic Americans now own a home, a milestone that was reached in part thanks to demographics and income growth.

The ownership rate among the group rose four percentage points in 10 years to top 50 percent, according to a report by the National Association of Realtors. It means almost 3 million more Hispanics owned a home in 2021 than in 2011.

The rate for Hispanics remains well below the national average of 65.5 percent — and that of White Americans, at 72.7 percent. Owning a home is a major factor of building wealth over a lifetime. Lower ownership rates among minorities, who often face racial disparities in the mortgage market, has been a source of widening inequalities for generations in the country.

The growth in Hispanic homeownership was boosted in part by the rising number of people reaching prime home-buying years.

Latino buyers have a substantially higher level of income than any other groups, the NAR report also found. They are younger than White and Black owners, and are more likely to be married and to opt for a multigenerational home with greater square footage.

The homeownership rate for Hispanic Americans varies widely by state in the NAR report. The highest ones are in West Virginia, New Mexico and Vermont.

The NAR survey is based on 4,854 responses from primary-residence buyers.