2021 Latino Homeownership Rate Released
Celebrating NAHREP familia, cultura, politics, and grassroots action
February 10, 2022
Qué onda mi gente?!
It’s official, the U.S. Census Bureau’s homeownership data is out for 2021. Before we go any further, the Latino homeownership rate as of 2021 is 48.4%. In case you missed it, here is the press release we sent out last week with our response to the new numbers.
So, let’s break it down. I know you might be asking, is this a good thing or a bad thing? The not so simple answer is, it’s both. Here is what you need to know about the new homeownership numbers:
- This is the first true homeownership rate data we’ve gotten since the pandemic started. The census data for 2020 was kind of a mess. Most of the industry has thrown those numbers out as unreliable. Rather than collecting data door to door as they usually do, the census had to rely on calling landlines in 2020 due to the pandemic. Households with land lines are more likely to be owner-households. So, as you can imagine, it skewed the data, inflating the homeownership rate for all demographics. It reported the Latino homeownership rate at over 50%, a statistically impossible increase.
- The last true point of comparison is from 2019 when Latinos had a 47.5% homeownership rate. Given the above, NAHREP has elected to compare this year’s homeownership rate to the 2019 Latino homeownership rate of 47.5%, for an increase of 1.9%. Latinos have accounted for 18.5% of overall homeownership growth in the last two years.
- Latino homeownership is increasing, consistent with the trend line we’ve been seeing over the past several years. Between 2019 and 2021, the Latino homeownership rate went up from 47.5% to 48.4%. This is consistent with the trend line we’ve been seeing since 2015, the first year Latinos increased their homeownership rate since the financial crisis. We can comfortably say that we have now seen 7 years of consecutive Latino homeownership growth.
- But, growth in Latino homeownership last year was lower than that of other groups. While Latinos have consistently outperformed the market in terms of growth, the growth rate slowed down over the past two years. 2020 and 2021 were some of the toughest years in history for first-time homebuyers. Low housing inventory, bidding wars, and skyrocketing price appreciation were likely the reason for the slowdown. Comparatively, however, other demographics did better.
Want to know more? Make sure you register for the 2022 National Convention and Policy Summit so that you can be the first to witness the release of the 2021 State of Hispanic Homeownership Report where we break down all of the juicy information. You’re not gonna want to miss it.
If you haven’t done so already, register and reserve your hotel before prices go up!
See you all in Washington D.C. corazones!
About Noerena Limón
Noerena Limón is NAHREP’s Executive Vice President of Public Policy and Industry Relations. Noerena heads the organization’s policy and advocacy efforts on issues ranging from homeownership, housing inventory, credit access and immigration.
Prior to joining NAHREP, Noerena spent six years at the Consumer Financial Protection Bureau (CFPB) and served as a political appointee under President Obama in the White House Office of Political Affairs.