NAR commemorates Hispanic Heritage Month, which is celebrated each year from September 15 to October 15. While Hispanics represent the largest ethnic or racial minority across the United States, NAR works to celebrate homeownership for all, including the Hispanic community. As Hispanic Heritage Month draws to a close, we compared some of their characteristics with those of other Americans to evaluate the socioeconomic status and the effects of COVID on this group.
Here are some key facts about Hispanics:
- Hispanics are younger than the typical American with a median age of 29.8 in 2019.
- Their homeownership rate is lower than all racial and ethnic groups at 48%. Since 2010, 1.8 million more Hispanics became homeowners. However, the homeownership rate for Hispanics is higher than 64% in the following large metro areas: Augusta, GA-SC metro area (69%); Palm Bay, FL metro area (69%); McAllen, TX metro area (67%); Albuquerque, NM metro area (67%); Deltona, FL metro area (64%).
- Hispanics earn a lower income. Nevertheless, their income rose by 39% in the last 9 years compared to 31% for all racial and ethnic groups.
- In the last year, 12.7% of Hispanics moved within the same county, different county same state, and different state. Compared to all races, slightly fewer Hispanics moved in the last year.
- Hispanics had the highest share of people without health insurance coverage in 2019 (16.7%)
- While leisure and hospitality is one of the major industries with the highest concentration of Hispanics, the unemployment rate for Hispanics is higher than all other groups at 10.3% in September 2020.
- During the pandemic, Hispanics are more impacted financially by COVID. 19% of Hispanic owners are caught up on their mortgage compared to 9% for all races.
- Hispanics are more unsecured to meet their next mortgage payment. 20% of Hispanic owners have no or somewhat confidence to pay next payment.
- As for Hispanic renters, 46% of them are likely to be evicted in the next couple of months.
- With Hispanics to have the lowest share of employment in public administration (12.5%), financial activities (12.9%), and information (12.5%), only 28% of Hispanics reported that they substituted some or all of their typical in-person work for telework.