Photo: Saul Loeb / / AFP / Getty Images
A research group on the management of the wealth of Hispanics in the United States, determined that the rate of home ownership in this country grew by 50% in 2021 for latinos. This figure is important since the positioning was possible, even despite the lack of diversified financial assets among Latinos.
In the United States, still 15% of Latinos live below the federal poverty level, which implies an annual salary income of $ 26,000 dollars for a family of 4.
Notably, the homeownership rate for white Americans was 74.5% in the same period of 2020.
Home ownership in the US is an important factor in the creation of personal wealth, which is why it is notable that Latinos have narrowed the gap, especially in 2020.
If we compare it to 2013, when this type of statistic began to be tracked, the homeownership rate for Hispanics was 46%. And between 2016 and 2019, before the pandemic, Latinos managed to increase property ownership by 33.1%.
This was a significant increase for that demographic, according to the State of Hispanic Wealth Report. This report indicates that Latino homeowners have a net worth of $ 171,900., 28 times more than rented Latinos, at $ 6,210.
While the net worth of white homeowners is a net amount of $ 299,900.
This report from “The Hispanic Wealth Project” reveals that the wealth gap between Latino families and white families Americans has dropped considerably.
However, the report highlights that by the first quarter of 2021, 8.4% of Latino borrowers were in deferral of their loan and 0.7% had at least 60 days of delinquency. In other words, 2.3 times more of Latino families are likely to be in remission and are 1.5 times more likely to be delinquent.
The Hispanic Wealth Project has set targets for 2024 of a 50% Hispanic homeownership rate and an average total wealth of $ 45,450 per household.
The Hispanic Wealth Project’s mission is to empower Latinos to fully participate and prosper in the United States economy through education, small business development, and sustainable home ownership.
You may also like: Finances for Latinos in the US: Meet Crediverso, the first free digital financial advisory service in Spanish