Hispanic Wealth and Influence Growing
Home purchases, new business starts and stock market investment are accelerating among the U.S. Hispanic population in spite of political headwinds, according to the 2018 Annual Report from The Hispanic Wealth Project, a non-profit organization supported by the National Association of Hispanic Real Estate Professionals (NAHREP). Based on the report, the Hispanic homeownership rate rose in 2017 for the third consecutive year to 46.2 percent, an increase from 45.6 percent in 2015.
However, the current political environment and uncertain immigration policies have caused many Hispanics– even those with permanent residency status– to hold off on making long-term financial commitments, such as retirement savings or purchasing a home, the report found. The report, released today at The Hispanic Wealth & Real Estate Conference and Latina Wealth Building Series in Miami, also found the median net worth of Hispanics rose dramatically from $13,700 in 2013 to $20,600 in 2016. The report cited data from the Census Bureau and other government entities but noted that consistent data on household wealth is still lacking.
The report highlights positive trends in homeownership and entrepreneurship including the facts that Hispanics are the only ethnic demographic to have increased their homeownership rate for three consecutive years and women entrepreneurs represented 50 percent of all Hispanic small business starts. However, there is still progress to be made in the arena of savings & investments, as the report notes 83 percent of all Hispanic Millennials have nothing saved for retirement. “With the youngest population and the highest work force 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,” said Jerry Ascencio, Chairman of the Hispanic Wealth Project.
Source: STL News