The rate of homeownership in the Hispanic community rose 3 percentage points from 46% in 2013 to about 49% this year, approaching an important benchmark to increase overall wealth in that community, a new report said.
Using data from the 2020 U.S. Census and a 6,000-person online survey, the Hispanic Wealth Project issued a report Oct. 1 on the overall wealth of that group, which is increasing due to more real estate and business ownership.
The Hispanic Wealth Project was started in 2014 by the National Association of Hispanic Real Estate Professionals with the goal of increasing overall wealth of that ethnic group threefold by 2024.
A key component of that goal was to increase homeownership among Hispanics from 46.1% in 2013 to more than 50% by 2024.
In addition, the group sought to increase Hispanic-owned businesses from 298,563 in 2013 to 400,000 by 2024, increase the retirement savings participation rate from 25.1% to 37%, and to raise the median household wealth from $15,150 to $45,450 during that period.
According to its report, homeownership has increased about 3 percentage points to just under the 50% goal to around 49% today, which has also helped increase the median household wealth for Hispanics by more than twice, to $36,050.
About 34,000 new Hispanic-owned businesses have been launched in the last seven years, but that is still 9,000 away from the 2024 goal of 400,000.
Retirement account participation rose only .4% during the seven-year period to 25.5%.
The blueprint and goals that the group uses came out of the Great Recession in 2007, when Hispanics lost around two-thirds of their median household wealth, according to the organization.
The report, conducted by Morning Consult, surveyed 6,000 people online between July 29 to Aug. 1 and is weighted to account for a representation of the national population.
It does not list a margin of error for the survey.
A summary of the results show that Hispanics are on track to accomplish the goal of increasing the median household wealth by three times the 2013 rate by 2024, and even a possibility of reaching it two years earlier.
According to the report, the amount of wealth jumped 63.6% between 2016 and 2019, the highest of all demographics during that period.
The increases came primarily from residential real estate, which makes up 52% of the group’s overall assets, the report said.
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