NAHREP Report Finds Hispanics Approach 50% Homeownership

Continued Growth Despite Soaring Interest Rates, Limited Inventory, and Affordability Crises

San Diego — 12 March 2024—The National Association of Hispanic Real Estate Professionals (NAHREP®) released the 2023 State of Hispanic Homeownership Report (SHHR) today, which examines the progress made in the last year toward the organization’s mission of increasing sustainable Hispanic homeownership.

In 2023, the Hispanic homeownership rate grew to 49.5 percent, representing a significant milestone. Despite confronting what has been recognized as the most challenging housing market in terms of affordability on record, Latinos achieved a notable net gain of 377,000 owner-households, marking the largest single-year increase since 2005, spanning nearly two decades. Despite formidable obstacles such as soaring interest rates and dwindling housing inventory, resilience prevailed. Hispanic homebuyers demonstrated adaptability by relocating to more financially viable regions, leveraging co-borrowers in their financing arrangements, and capitalizing on specialized local programs, all contributing to realizing their homeownership aspirations.

Key highlights from the 2023 SHHR report include:

  1. The Hispanic homeownership rate nears 50 percent, a key milestone. In 2023, the Hispanic homeownership rate reached 49.5 percent, the largest increase in homeownership rate across racial or ethnic demographic groups compared to the year prior. The Hispanic homeownership rate in 2023 marks a key milestone, as it nearly fully rebounds to its pre-housing crisis peak.
  2. The largest single-year gain in Hispanic owner-households in almost 20 years. Despite facing what has been reported as the least affordable housing market on record, Latinos added a net gain of 377,000 owner-households in 2023, the largest single-year gain since 2005.
  3. Hispanic homebuyers are young. With a median age of 30.7, Latinos are the youngest racial or ethnic demographic in the U.S., more than ten years younger than non-Hispanics. A larger share of Hispanic homebuyers are under the age of 25 compared to non-Hispanics, and agents in NARHEP’s Practitioner Study indicate that most of their buyers in 2023 were between the ages of 25 and 35.
  4. Interest rates are the most significant barriers to advancing homeownership. In October of 2023, the average 30-year fixed interest rate reached a high of 7.79 percent, the highest weekly average 30-year fixed rate since the year 2000. Higher interest rates made qualifying for a mortgage more difficult, fostering uncertainty among buyers.
  5. Home price appreciation has slowed, but pricing remains unaffordable. Interest rates had a much-needed cooling effect on home price appreciation in 2023, dropping from a record-breaking year-over-year growth rate of 19.5 percent in April 2022 to 2.3 percent in April 2023. Despite this slowdown, prices remain unaffordable. In 2023, only 13.8 percent of homes on the market were priced under $200,000, compared to 39.1 percent in 2016.
  6. Despite barriers, Hispanic homebuyers remain resilient. While rising interest rates and home prices created affordability barriers, resiliency and ingenuity within the Latino community have led to sustained homeownership growth. Hispanic homebuyers have employed several strategies to overcome affordability challenges.
  7. Hispanic homebuyers are willing to move to lower-cost areas to achieve homeownership. Hispanic buyers are willing to relocate from higher to lower-cost markets, both 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.
  8. A larger share of Hispanic buyers are taking on co-borrowers when qualifying for a mortgage. In 2023, agents in NARHEP’s Practitioner Study noted a noticeable increase in co-borrowers for Hispanic homebuyers. In some cases, co-borrowers choose to buy and live together, while others offer support with the intention of coming off the loan at some point in the future.
  9. Real estate agents help identify local financial incentives and programs for first-time homebuyers. Homebuilders, state and local governments, and financial institutions often offer programs to lessen the financial burdens of a home purchase, particularly for first-time buyers. Rate buy-down and local down payment assistance programs have been particularly impactful.
  10. Buyer-side representation for Hispanic homebuyers is at risk. Real estate agents play an outsized role in supporting their clients in what is often the most complex financial transaction of their lifetime, a role that spans beyond the real estate transaction itself. Recent class action lawsuits have the potential to leave Hispanic homebuyers without representation, putting them at tremendous risk.

Commenting on the findings, Nuria Rivera, President of NAHREP, stated, “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.”

“Freddie Mac and NAHREP have a shared mission and commitment to advancing sustainable homeownership and making home possible for more Hispanic homebuyers.,” said Danny Gardner, Senior Vice President, Client and Community Engagement Single-Family Division. “NAHREP’s annual State of Hispanic Homeownership Report serves as a valuable resource for real estate professionals, providing insights, trends, and data to help realtors better serve their clients. Through our collaborative efforts, we are creating more pathways to homeownership for Hispanic families across America.”

The release of the State of Hispanic Homeownership report coincides with the start of NAHREP’s Homeownership and Wealth Building Conference which resumes today and runs until tomorrow, Wednesday, February 13, in Washington D.C. The conference brings together housing industry professionals who want to learn how best to service the Latino mega-market.  The conference includes panel discussions with key government and industry leaders, the release of the State of Hispanic Homeownership Report.


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 2024 policy priorities here. Watch the Hispanic Homeownership short film.