The National Association of Hispanic Real Estate Professionals (NAHREP®) Contributes to Up for Growth’s Housing Underproduction in the U.S. 2022 Report
SAN DIEGO—July 15, 2022— Yesterday the Housing Underproduction™ in the U.S. 2022 report was released by the housing shortage and affordability research and policy organization Up for Growth. The report includes the section “Housing Underproduction: A Risk to Latino Homeownership and the U.S. Economy”, authored by National Association of Hispanic Real Estate Professionals (NAHREP®) Executive Vice President of Public Policy and Industry Relations, Noerena Limón.
“In the U.S., homeownership has historically been the most important tool for building wealth from one generation to the next. Housing underproduction has become the biggest threat to Latino homeownership growth and in turn, Latino wealth creation,” said Luis Padilla, 2022 NAHREP President.
NAHREP has cited low housing inventory as a significant threat to the future of Latino homeownership in the U.S. and the overall health of the U.S. economy.
“As of 2019, Latino homeowners have 28 times the wealth as Latino renters, underscoring the multiplier potential homeownership can provide in bridging the wealth gap. A failure to address the housing supply crisis could result in a steep decline in the overall homeownership rate and could have a devastating impact on the nation’s GDP and economic well-being,” said Noerena Limón, NAHREP Executive Vice President of Public Policy and Industry Relations.
Highlights from the report include:
- While housing underproduction has been widespread, Latinos have been disproportionately impacted. Today, over 51 million Latinos live in a market experiencing housing underproduction (92 percent).
- According to the underproduction analysis by Up for Growth, California, Texas, and Florida have the highest levels of housing underproduction with more than 1.6 million units underproduced. These are also three of the most populous Latino states in the U.S., home to 32.7 million Latinos, more than half of the nation’s Latino population
- A breakdown of underproduction by MSAs indicates that 9 of the top 10 MSAs exhibiting the highest rate of underproduction have a Latino population above the national average, and 7 out of 10 have a Latino population above 40 percent.
- Not only is there currently housing underproduction in all 10 MSAs with the largest Latino populations in the country, but between 2012 and 2019 it worsened in every one of those markets.
NAHREP is an established source of knowledge regarding homeownership and the Hispanic population in the U.S., and annually releases two widely-cited reports on Hispanic wealth and real estate (State of Hispanic Wealth Report, State of Hispanic Homeownership Report). NAHREP seeks to advance sustainable Hispanic homeownership through education, advocacy, and networking for Latino real estate professionals.
Thanks to the collaboration between Up for Growth and NAHREP, The Housing Underproduction™ report helps enlighten policymakers and advocates by providing regionally relevant, annually replicable data that considers the unique drivers of housing underproduction. With that information, policymakers can spot trends more easily and respond to them in ways that will improve lives, economies, and the planet.
The National Association of Hispanic Real Estate Professionals® (NAHREP®), a nonprofit 501(c)6 trade association, is dedicated to advancing sustainable homeownership for the Hispanic community in America. NAHREP has a network of over 40,000 real estate professionals and 100 local chapters nationwide, hosting several national events per year and publishing multiple industry cornerstone reports annually and multimedia content. Join us in advocating for policies that grow sustainable Latino homeownership, read our 2022 policy priorities here. See the NAHREP Hispanic Homeownership by Congressional District Tool which measures Hispanic homeownership by U.S. congressional district, allowing constituents, advocates, policymakers, and lending and housing professionals to evaluate district performance at a glance. Watch the Hispanic Homeownership short film.