For the third straight year, the Hispanic homeownership rate rose in 2017, according to a report from the Hispanic Wealth Project (HWP).
HWP, a non-profit organization supported by the National Association of Hispanic Real Estate Professionals, said the Hispanic homeowner rate during 2017 was 46.2 percent, an increase from 45.6 percent in 2015.
However, HWP’s report said the current political environment and uncertain immigration policies have caused many Hispanics to postpone making long-term financial commitments, such as retirement savings or purchasing a home.
“With the youngest population and the highest workforce participation in America, it is clear that the financial well-being of the Hispanic community is critical to the economic strength of the whole country,” HWP Chairman Jerry Ascencio said in a release.
HWP’s report also found that the median net worth of Hispanics rose from $13,700 in 2013 to $20,600 in 2016. HWP’s goal is to triple Hispanic household wealth in 10 years by increasing the homeownership rate, increasing the number of Hispanic-owned small businesses with more than $1 million in revenue, and increasing Hispanic investment participation in non-cash financial assets such as stocks and bonds.
“Closing the knowledge gap about the tools for building wealth is the most significant component of the Hispanic Wealth Project,” Ascencio said.