Over the past decade, Hispanics have accounted for roughly half of all U.S. homeownership growth, according to the 2019 State of Hispanic Homeownership Report. Hispanics added 1.9 million new homeowners, or 51.6% of homeownership growth.
During the same time period, Hispanics accounted for 40.4% of all new households formed, adding 4.3 million households. Many of the new households were added in Texas. The Lone Star State had two markets that added the most Latino owner households between 2013-2018: Houston/The Woodlands/Sugar Land, with 40,013 households, and Dallas/Plano/Irving, with 35,630 households. Midland experienced the fastest growth rate of Hispanic homeowners, at 57.9%. Statewide, the Hispanic homeownership rate was 57.26% in 2019. Hispanics are 39.6% of the population. The median household income was $48,175.
The report, from the National Association of Hispanic Real Estate Professionals, says 2019 marked the fifth consecutive year of gains in the Hispanic homeownership rate. Hispanics netted 277,000 new households, raising the total number from 7,879,000 in 2018 to 8,156,000 in 2019. The homeownership rate increased from 47.1% in 2018 to 47.5% in 2019. Latinos purchased homes with a median property value of $225,000 in 2018.
The report also included survey results from the National Association of Hispanic Real Estate Professionals’ top producers. Among the results, 56.4% of top producers said referrals were the number one way to find Latino clients in 2019, and that 44.6% said Hispanics are more likely to prefer a fixer-upper than non-Hispanics. The survey also said 36% of NAHREP top producers reported that more than half of their transactions were conducted entirely in Spanish.