¡Feliz Mes de Herencia Hispana! Happy Hispanic Heritage Month!
Annually, from September 15th to October 15th, we celebrate the heritage of the dynamic Hispanic population—which is growing rapidly. According to U.S. Census data, the national Latino population is currently around 62 million (19%), and it is projected to reach 111 million (28%) by 2060.
Virginia REALTORS® is a proud partner with the National Association of Hispanic Real Estate Professionals (NAHREP), through the Northern Virginia Chapter. NAHREP serves as the voice for Hispanic real estate and aims to advance sustainable home ownership for this community. NAHREP is a wealth of knowledge on how to best serve this population; two of their greatest resources are the State of Hispanic Homeownership Report—which provides data and analyzes Hispanic home ownership—and the State of Hispanic Wealth Report—which benchmarks how Latinos are faring with creating wealth. Some standout facts from these reports include:
- Nearly 2 of every 3 Latinos in this country are 40 or younger, with a median age of 30.
- The Hispanic homeownership rate in 2021 was 48.4%, and it has increased every year since 2014.
- Nearly 41% of Latinos aged 45 and younger were mortgage ready in 2021.
- Over the last 10 years, Latinos have accounted for 80% of the U.S. labor force growth.
It is obvious that with these varying levels of growth, understanding the needs of the Latino community and how to best help them overcome barriers to homeownership are more important now than ever—and will need to continue to be prioritized. This is true nationally, but also here in Virginia.
Hispanic/Latino Homeownership Trends in Virginia
There are more than 215,000 Hispanic/Latino households across the Commonwealth as of 2020, and more than half of those households own their homes (50.8%). The Hispanic/Latino homeownership rate in Virginia ranks 25th out of the 50 states, so in the middle of the pack. New Mexico has the highest Hispanic/Latino homeownership rate in the county at 66.8%, and New York has the lowest at 26.6%.
Hispanic/Latino homeownership has been trending up in Virginia in recent years. In 2015, the Hispanic/Latino homeownership rate statewide was 46%, and climbed to 50.8% in 2020. However, it is still lower than it was a decade ago, down from 51.3% in 2010.
Homeownership trends within the Hispanic/Latino population vary widely around the state. More than half of all Hispanic/Latino households in the Winchester region (57.5%) and also in Northern Virginia (51.2%) are homeowners. Nearly half of Hispanic/Latino households own their homes in the Lynchburg region (49.0%) and there are similar ownership levels in Hampton Roads (48.3%). Only about a third of Hispanic/Latino households are homeowners in the Roanoke region (33.8%), which is the lowest homeownership rate of all metro areas in Virginia.