Hispanic Homeownership Grows at Record Pace
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here's your money briefing for wednesday april 21st i'm jr whalen for the wall street journal one of the biggest economic trends of the past year has been the red hot housing market amid the home buying scramble the number of hispanic homeowners jumped last year by more than any year in the past two decades
So Hispanic homeownership has been growing for years and is largely due to the household formation growth, the youth of that population. So that's already been kind of a strength underpinning the housing market for a couple of years before the pandemic.
Coming up, our housing reporter Nicole Friedman will explain what the strength of Hispanic homebuyers means for the broader housing market going forward. That's after the break.
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Hispanic homebuyers are a growing force in the U.S. housing market. Their homeownership grew last year by 700,000, the fastest pace in 20 years, according to the National Association of Hispanic Real Estate Professionals. So what's behind the trend, and what does it say about the overall housing market? Our housing reporter, Nicole Friedman, has been looking into this, and she's here to talk about it.
What is driving the record jump in Hispanic homeownership in 2020?
Nicole, thanks for being with us.
Thank you for having me.
So, Nicole, as hot as the housing market has been, lots of people whose personal finances were affected by the pandemic haven't been able to take part in the housing boom, and many Hispanic Americans worked in restaurant, hospitality, and construction jobs, so they were among the hardest hit. So how is it this group is becoming more active homebuyers?
It's actually been a little bit of a surprise in 2020 that even though the Hispanic unemployment rate did rise above the national unemployment rate, there were a lot of Hispanic Americans who were affected by job losses. The Hispanic homeownership rate continued to grow in 2020 and actually surged. there's a couple drivers of this a major one is the age of the hispanic population that hispanic millennial generation is really driving these home ownership gains a lot of people in the hispanic community are in their early 30s late 20s in those kind of prime home buying years and Really, analysts say that the Hispanic homebuyers who were ready to buy homes in 2020 had the means to do so just weren't the same people largely as the ones who were affected by the job losses.
And also interest rates in 2020 fell to record lows, mortgage interest rates. And so that also helped make homebuying more affordable.
So where are we seeing this trend play out the most? What places are we talking about here?
So the biggest growth rate has actually been in markets that aren't necessarily thought of as major hotspots for Hispanic homeownership. And so the biggest increases in 2019 in Hispanic homeownership were in places like Durham, Chapel Hill, North Carolina, Boise, Idaho. and Atlantic City, New Jersey. So certainly there are really big populations of Hispanic homeowners in Texas and Florida, California.
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