A new report says 2015 saw the biggest one-year rise in Hispanic homeownership in more than a decade.
According to the National Association of Hispanic Real Estate Professionals (NAHREP), Hispanic homeownership across the United States rose from 44.5 percent at the start of 2015 to 46.7 percent at the end of the year.
The number of Hispanic household owners continues to increase while the overall U.S. homeownership rates have declined for a 12th straight year, according to NAHREP.
James Garcia, spokesman for the Arizona Hispanic Chamber of Commerce, said part of the reason for that continued growth is the increasing Latino population. He said the Hispanic population in Arizona has tripled in the last 25 years.
“When you have that kind of growth occurring, if you are out there and you’re building homes and you’re looking to sustain your business for the future, you have to consider [the Hispanic] population,” Garcia said.
Garcia added another reason for the homeownership rise is because more Latinos are graduating from high school and college. He said that allows them to move into the middle class, where they can become entrepreneurs or have professional careers.
“It also makes it possible of course for them to think about buying a home which of course for most people is the most significant investment they’re ever going to make in their lives,” Garcia said.
He added that the Latinos nationally make up the largest segment of the Millennial generation. He said that will mean even more Hispanic homeowners in the years to come.
“These families will be around and building their lives and homeownership is going to be a part of that,” Garcia said.