A collection of numbers paint a positive picture of homeownership growth among Hispanics.
According to the 2022 U.S. Census Bureau, Current Population Survey/Housing Vacancy Survey, more than 2.3 million new Hispanic homeowner households have formed since 2014.
Last year, the rate of Hispanic homeownership reached a record 48.6 percent.
The addition of 349,000 new households in 2022 represents the largest growth in more than a decade and is double that of non-Hispanic White households.
Trend Expected to Continue
The Urban Land Institute believes Hispanics will continue to drive homeownership growth in the U.S. The organization maintains that 70 percent of minority homeownership growth is expected to come from Hispanic households.
“As we look to the near future, we anticipate ongoing growth in Hispanic homeownership in our area,” says Angela Walters, Board Chair for the Greater Milwaukee Association of REALTORS® (GMAR). “Increasing Hispanic wealth, knowledgeable REALTORs who specialize in working with the Hispanic community and plentiful financing opportunities make the dream of homeownership possible.”
Increasing Wealth
The National Association of Hispanic Real Estate Professionals (NAHREP) actively monitors and supports wealth accumulation among Hispanics. A recent study conducted by NAHREP found that household wealth more than doubled between 2013 and 2019, significantly outpacing the general population.
“NAHREP is committed to increasing homeownership as a key component of growing Hispanic wealth,” says Jose Flores, general sales manager/REALTOR with First Weber, Inc. and founding vice president and past president of NAHREP Milwaukee. “Hispanics increasingly recognize that homeownership and real estate investing are attainable ways to build wealth that benefits not just the buyer but the family and overall community as well.”
Flores notes that REALTORs who are members of NAHREP are passionate about helping Hispanics achieve homeownership. With 40,000 members nationwide, the organization’s growth matches the rise in Hispanic homeownership. NAHREP agents are tuned into their communities and support both their fellow members and other Hispanic REALTORs in furthering Hispanic homebuying.
“In 1998 when I started, there were only a handful of Spanish-speaking real estate agents in the Milwaukee area. Now, there are more than 400,” Flores says. “These agents can bridge language gaps, particularly with real estate terminology, and help educate buyers about the homebuying process.”
Helping Buyers Prepare
First time Hispanic homebuyers can be intimidated by the home buying process.
“I tell my people not to let the fear of not being ready stand in their way of owning a home,” says Esmeralda Sanchez, a GMAR member and REALTOR® with Shorewest. “The Milwaukee area offers great programs that lay out the process and connect buyers with the right resources.”
The United Community Center (UCC), an organization that provides an array of services to the Hispanic community, offers monthly seminars. The workshops are conducted in two parts and cover the ins and outs of the homebuying process and how to get pre-qualified for a mortgage. The program also details the many funding options that are available for Hispanic homebuyers.
“In addition to federal and state programs like HUD and WHEDA that help with downpayments, the city of Milwaukee offers grants worth about $5,000,” says Sanchez. “Many lenders will also credit $2,000 to 5,000 toward a downpayment.”
3 Steps to Get Ready
While low inventory and rising prices can present challenges in today’s market, Sanchez advises potential homebuyers to stay curious about homebuying opportunities. In addition to taking advantage of educational sessions, she suggests potential buyers take three steps:
- Obtain your current credit score
- Check with a lender to determine your debt-to-income ratio
- Determine how much of a downpayment you need
Hispanics are well on their way to driving household formation growth for the foreseeable future and Milwaukee REALTORs are ready to help make it happen.
The REALTOR® Advantage
A REALTOR is a member of the National Association of REALTORS, is committed to a Code of Ethics and has the expertise to find the right home for everyone. Look for the “R” to determine if your agent is a REALTOR.
Locally, the Greater Milwaukee Association of REALTORS is a 5,500-member strong professional organization dedicated to providing information, services and products to help REALTOR help their clients buy and sell real estate. Visit gmar.com for more information.