The Hispanic Wealth Project (HWP), established by National Association Hispanic Real Estate Professionals, released its annual State of Hispanic Wealth Report. The report is part one of a two-part series that examines the three pillars of the HWP—homeownership, business ownership, and financial assets—and how they drive the accumulation of wealth.
Highlights from the report include:
- In 2021, the economic output of the Hispanic community was $3.2 trillion dollars.
- Most Latinos are now aging into their prime earning years and are focusing on purchasing homes, starting businesses, and investing in various financial assets.
- Between 2020 and 2040, the Urban Institute predicts that Latinos are the only racial or ethnic group that will increase homeownership rates and will make up 70% of new homeowners.
- Improvements to access to mortgage credit to Latinos, housing supply, expanded access to housing counseling for the Hispanic community, and diversifying the real estate and mortgage industries are needed to reflect this new homebuyer population
- As the second-largest racial or ethnic group in the U.S., the Census Bureau predicts that between 2020 and 2060, the Hispanic community will account for 68% of the population growth.
More information about the increase in Latinos’ economic power and insights from the data can be found by reading the full report.
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