The Census Bureau reports that Hispanics created new owner households in the United States at a faster clip during the second quarter even as white and black homeownership continued to ebb.
Ownership among Latinos expanded 63 percent to 6.7 million households in June from 4.1 million households in June 2000. Over the same time, homeownership levels for whites inched up just 2.3 percent from 57.8 million from 56.5 million.
Officials from the National Association of Hispanic Real Estate Professionals cite population growth and higher incomes as primary reasons for the increase.
“The persistent growth of Hispanic homeownership even in the midst of a lagging economy underscores a basic reality: First-time minority homebuyers – led by the burgeoning population growth and purchasing power of Hispanics and Asians – are the key to America’s housing and economic recovery,” says housing economist Alejandro Becerra.
Statistics on homeownership in the Hispanic community are muted somewhat, however, because young Latinos are forming households as both owners and renters at a fast rate.
“As foreclosures continue to wreak havoc in communities across the country and economic uncertainty prevails, a young and burgeoning Hispanic population will, by necessity, be creating more renter households than planting roots in homeownership for some time to come,” says Becerra.
Source: Housing Wire (08/06/12) Hilley, Justin T.
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