The Hispanic homeownership rate reached 49.5% in 2023, with a net gain of 377,000 owner-households – the largest single-year increase since 2005 and the largest homeownership rate upswing for any racial or ethnic demographic group compared to the year prior, according to the 2023 State of Hispanic Homeownership Report published by the National Association of Hispanic Real Estate Professionals (NAHREP).
The new report found Hispanic homebuyers during 2023 were at a median age of 30.7, making them the youngest racial or ethnic demographic – more than 10 years younger than non-Hispanics. Agents in NARHEP’s Practitioner Study said most of their buyers last year were between the ages of 25 and 35, and a larger share of Hispanic homebuyers are under the age of 25 compared to non-Hispanics.
Although Hispanic homebuyers faced high mortgage rates and limited housing inventory, many were willing to move to lower-cost areas to achieve homeownership – either by making long-distance moves across state lines and finding more affordable neighborhoods within their current region. Between 2022 and 2023, Texas, Pennsylvania, and Georgia saw the highest Hispanic net migration.
Furthermore, a larger share of Hispanic buyers took on co-borrowers when qualifying for a mortgage in 2023. The NAHREP report found some co-borrowers choose to buy and live together, while others offered support with the intention of coming off the loan at some point in the future.
“The resilience and determination demonstrated by Latino homebuyers in 2023 are truly remarkable. Despite facing unprecedented market conditions, Latinos have shown an unwavering commitment to homeownership and financial empowerment.,” said Nuria Rivera, president of NAHREP.