WRE News March 16, 2024
Buyer
The Hispanic homeownership rate reached 49.5% in 2023, with a net gain of 377,000 owner-households – the largest single-year increase since 2005 and the largest homeownership rate upswing for any racial or ethnic demographic group compared to the year prior, according to the 2023 State of Hispanic Homeownership Report published by the National Association of Hispanic Real Estate Professionals (NAHREP).
The new report found Hispanic homebuyers during 2023 were at a median age of 30.7, making them the youngest racial or ethnic demographic – more than 10 years younger than non-Hispanics. Agents in NARHEP’s Practitioner Study said most of their buyers last year were between the ages of 25 and 35, and a larger share of Hispanic homebuyers are under the age of 25 compared to non-Hispanics.
Although Hispanic homebuyers faced high mortgage rates and limited housing inventory, many were willing to move to lower-cost areas to achieve homeownership – either by making long-distance moves across state lines and finding more affordable neighborhoods within their current region. Between 2022 and 2023, Texas, Pennsylvania, and Georgia saw the highest Hispanic net migration.
Furthermore, a larger share of Hispanic buyers took on co-borrowers when qualifying for a mortgage in 2023. The NAHREP report found some co-borrowers choose to buy and live together, while others offered support with the intention of coming off the loan at some point in the future.
“The resilience and determination demonstrated by Latino homebuyers in 2023 are truly remarkable. Despite facing unprecedented market conditions, Latinos have shown an unwavering commitment to homeownership and financial empowerment.,” said Nuria Rivera, president of NAHREP.
Stay up to date on the latest real estate trends.
Buyer
June 1, 2025
You’ve probably asked yourself lately: Is it even worth trying to buy a home right now?
Buyer
June 1, 2025
Predicting color trends is a skill not everyone possesses.
Buyer
May 31, 2025
Stair runners are the unsung heroes of interior design.
Lifestyle
May 31, 2025
Everything you purchase for your home says something about you and your personal style, and we've found that to be especially true when it comes to your dishes.
Lifestyle
May 30, 2025
Sitting on grocery store shelves among all of the different varieties of fruit juice is an unassuming nutritional powerhouse: tart cherry juice.
Buyer
May 30, 2025
Walk into any stunning kitchen, and odds are, the finishes get all the praise.
We Guide Homeowners through the complicated process of selling their home using our 4 Phase Selling Process and 3 Prong Marketing Strategy that alleviates their stress and moves them effortlessly to their next destination. Schedule a 15 Minute Complimentary Strategy Session Today