As a Hispanic living in the Bay Area wanting to be a homeowner again, I really liked what Forbes had to say last week in regards to Hispanic Homeownership. Forbes decided to look at America’s 52 largest metropolitan areas where Hispanics had the best opportunities. They had 3 criteria: Homeownership, Entrepreneurship, and Median Household Income.
The report was surprising, especially to me. The places Latinos have done best are not what you may think. Traditionally, the prime U.S. cities for Latinos have been New York, Miami, Chicago, and Los Angeles. Yet most of these are now in the middle of the list.
Here are the Top 3:
- Jacksonville, FL
- Median Household Income: $50,171
- Home Ownership Rate: 54.9%
- Share Who Are Self-Employed: 17.1%
- Change In Population, 2000-13: 148.2%
- Riverside – San Bernardino, CA
- Median Household Income: $47,196
- Home Ownership Rate: 55.3%
- Share Who Are Self-Employed: 23.5%
- Change In Population, 2000-13: 74.3%
- Baltimore – MD
- Median Household Income: $59,939
- Home Ownership Rate: 47.5%
- Share Who Are Self-Employed: 9.8%
- Change In Population, 2000-13: 175.3%
The National Association of Hispanic Real Estate came out with a report a couple of years back breaking down the rate of homeownership and the number of Hispanic owner households by year from 2000-2013. During that period, the total number of owner households in the U.S. grew from 69.2 million in 2000 to 74.7 million in 2013, an increase of 5.5 million. During that same period of time, Hispanics accounted for an increase of 2.6 million owner households, or nearly half (47 percent) of all homeownership growth in the country.
Hispanics are passionate about homeownership. According to an annual Fannie Mae survey, in 2013 Hispanics were more likely than the general population to prefer owning because it makes more financial sense and sets a good foundation to raise a family. They were also more likely than the general population to expect to buy a home in the next three years.
Bottom line: Hispanics represent an important growing share of homeownership growth.
This post is also available in: Spanish
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