LAS VEGAS (KLAS) — Despite the many challenges that go into buying a home, Hispanics are one of the groups that continue driving homeownership across the nation.
A new report shows Nevada’s Latino population accounted for more than 47% of the growth over the last 10 years. The increase in homeownership is in line with the Hispanic population growth in Nevada over the past decade.
The National Association of Hispanic Real Estate Professionals said homeownership has been trending upward for Hispanics for at least 10 years.
In Nevada, even with the home shortage and increase in home prices, Hispanic families are going for the entry-level type of housing that costs between $250,000 to $325,000.
“We are really thriving to build wealth through homeownership as well. And that is very important to understand that the majority of American families build wealth through their homeownership over the years. Latinos are understanding this is an important piece of the puzzle for us,” said Nora Aguirre, National Association of Real Estate Hispanic Professionals.
Projections show that by 2040, Hispanics will make up 70% of all first-time homebuyers in the U.S. as more second-generation Hispanics strive to own instead of rent.
Although homeownership gains were positive for Latinos, there are still hurdles such as housing shortages, and getting loans if they are self-employed.
