The report “2024 Snapshot of Race and Home Buying in America” by the National Association of Realtors in the United States (NAR) highlights the significant increase in home ownership among Latinos and Asian Americans in 2022, reaching historic levels.

Among the main points covered, it is highlighted that more than half of Latinos in the U.S. have become homeowners, reaching 51.2% in 2022, while Asian Americans also reached an all-time high of 63.3%. The report underscores the persistent challenges in terms of affordability and inventory conditions faced by minority buyers despite these gains.

According to a report in LatinTimes, NAR's deputy chief economist, Jessica Lautz, notes that while it is a cause for celebration, the road to homeownership is still arduous for minority buyers, with higher mortgage rates being a significant factor. In addition, the text highlights that many Latinos continue to face economic challenges in maintaining their home ownership.

Among the main report highlights are:

1. “U.S. homeownership significantly increased over the last decade, adding 10.5 million more homeowners.

2. “The Hispanic American homeownership rate rose to a record high of 51.1% in 2022. In the past decade, Asian Americans experienced the sharpest increase in homeownership rate, reaching 63.3% – a gain of 6.1 percentage points, or an addition of 1.5 million homeowners since 2012 – also a record high.”

3. “While homeownership rates improved across all racial and ethnic groups over the past decade, the homeownership rate among Black individuals continues to trail at 44.1%”.

The report also points out that minorities tend to be disproportionately affected by issues such as affordability, student debt, and mortgage loan denials. The National Association of Hispanic Real Estate Professionals (NAHREP) highlights the importance of homeownership in building wealth, noting that Latino families in this category have a much higher net worth compared to those who rent.

However, despite the increase in wealth among Latinos since 2013, it is still significantly below the median of the general population. The text also highlights the composition of Latino wealth, with the value of housing accounting for a significant portion and notes the increase in house prices in recent years, which contributes to the growing inaccessibility for renters looking to buy their first home.