The homeownership rate for Hispanics increased for the second straight year, even as the overall rate declined from 2015, according to the National Association of Hispanic Real Estate Professionals.
The Hispanic homeownership rate rose to 46% in 2016 from 45.6% a year earlier, NAHREP reported Friday, citing U.S. Census Bureau data. Additionally, Hispanics led all other ethnic demographic groups in household formation, with a net increase of 330,000 households in 2016.
"With credit remaining tight and limited housing inventory in several markets, these numbers are extremely encouraging and a testament to the economic resilience of the Hispanic community," NAHREP President Joseph Nery said in a news release. "As the mortgage industry continues to recognize the exceptional opportunities in serving the Hispanic market and adjusts accordingly, we expect these numbers to only improve."
The overall homeownership rate fell between 2015 and 2016 from 63.7% to 63.4%, according to the Census Bureau. Similarly, the rate among African-Americans dropped to 42.2% from 43%, and the Asian-American rate dipped to 55.5% from 56.5%.
