New Statistical Brief Notes First Decline in Hispanic Homeownership Since 1993

Washington, D.C. – The National Council of La Raza (NCLR), the largest national Hispanic civil rights organization in the U.S., released today a statistical brief entitled “Hispanic Housing and Homeownership,” which examines the lack of affordable and quality housing available to Hispanics in the U.S. during a period of rapid growth in the number of Latino households (57% from 1991 to 2001). The brief examines the homeownership gap that exists between Hispanics and Whites, by state.

Among the report’s key findings are:

• Homeownership rates among Latinos increased steadily during the 1990s, but peaked at 47.3% in 2001. By 2003, Latino homeownership had declined by 0.6 percentage points.
• Affordability continues to be a problem as housing costs rise faster than income. On average, Hispanic families spend more than a third of their income on housing.
• While overall housing problems decreased slightly, more than twice the number of Hispanics than Whites reported problems with building quality.

“I applaud the improvements achieved during the 1990s, but there is still much to be done,” said Raul Yzaguirre, President and CEO of NCLR. “Access to affordable housing, whether rented or for sale, is crucial to the economic well-being of the family. Rising housing costs take money from other household expenses such as health care and groceries. Moreover, the opportunity to pursue the American dream is critical to the ability of Latino families to accumulate assets and build wealth. As Hispanics are the nation’s largest minority, the housing and mortgage needs of Hispanic families can no longer be considered a side business for those working in the housing sector.”

Through the NCLR Homeownership Network, NCLR is working to reduce the barriers faced by low-income and immigrant Latinos who share the dream of all Americans: to become a homeowner. “NCLR calls on the government and private industry to work together to address the housing affordability crisis and put more Latino families in their own homes,” said Yzaguirre. “The pursuit of homeownership for all is critical to the economic success of every American.”

For more information on the “Hispanic Housing and Homeownership” statistical brief, visit www.nclr.org or call Janis Bowdler or Lisa Navarrete at (202)785-1670. The brief was made possible by funding from the Fannie Mae Foundation.

Click here to access the statistical brief.

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