NAHREP is squarely focused on bridging the wealth gap, and we know homeownership is one of the most critical strategies for building generational wealth. According to the State of Hispanic Wealth Report, Latino homeowners have 28 times the wealth as Latino renters, with Latino homeowners having a median household wealth of over $170,000 versus over $6,000 for Latino renters. However, we also want to make sure that Latinos are reaping the same rewards from homeownership as other groups on our road toward wealth creation. This is why the issue of appraisal bias is so important. How much a home is appraised for determines how much equity an individual can derive from owning a home.
NAHREP is the largest Latino business organization in the country, with a network of over 40,000 real estate professionals and 100 local chapters, made up of people who come together to grow professionally. What makes NAHREP so special, however, is that we are a mission-driven organization. The passion for advancing sustainable Hispanic homeownership that reverberates throughout our membership gives a special meaning and purpose to our work. Selling homes to Latino families isn’t just about making money, it’s about changing lives and closing the racial and ethnic wealth gap. These stories and data are at the core of our mission. And that is our State of Hispanic Homeownership Report.
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.
Who saw In the Heights? If you haven’t, que carajos esperan? Listen up, if we want representation in Hollywood, and we want to change the narrative about Latinos, showing up at the box office when we’re on the main screen is the least we can do. Lin Manuel Miranda shared our stories, one of familia, comunidad, and powerful sueñitos that keep us alive and hungry (in a good way). “Start small, dream big.” Isn’t that how we all got started? Seeing those choreographed scenes of beautiful Latino faces dancing to the vibrant beat of our music, filled my heart in a way few things have during this past year.
What is more valuable than gold right now and is adding fire to our housing inventory crisis? You got it: LUMBER! First, we were out of toilet paper, then we couldn’t find any disinfectant wipes anywhere, and now, lumber. I know many of you have seen the memes or the TikToks by now of just how crazy this whole “run on lumber” has gotten, so I thought I would give you a quick timeline of how we got here:
I have a challenge for all of you: Let’s show the country how powerful our network actually is. We put a lot of work into our State of Hispanic Homeownership Report. It’s how we measure progress, how we get the country to see the power of investing in the Latino community, and it is also the way we change the narrative about Latinos in the U.S. Latinos are the engine behind the housing market and therefore, behind the U.S. economy. It is time more people realized that.
If you tuned in to the NAHREP Housing Policy Summit or saw the social media posts, you heard that the LA South Bay Chapter won Advocacy Chapter of the Year. One of the main reasons? The board collectively attended and spoke at over 40 city council meetings in 2020! They showed up and dropped the mic.!