PLANT CITY, Fla. — The recently released 2023 Hispanic Wealth Report showed that more Latinos are making money, owning homes, and building generational wealth for their families.
According to the report, 49.5% of the Hispanic population in the United States are now homeowners. That's on track to have 70% of all Latinos be homeowners by 2040.
The report is part of a long-term research project sponsored by the National Association of Hispanic Real Estate Professionals, also known as NAREP.
"The Hispanic household wealth rose to $63,400, reaching the Hispanic Wealth Project’s target two years ahead of schedule," the report stated. "While other racial and ethnic demographics have seen increases in household wealth during that same period, Hispanic household wealth has grown more rapidly than any other demographic group."
It includes more homeowners as well, the report showed.
"9.5 million homeowners are Latino here in the U.S., and that's 50% of the population," Miriam Crispin, President of the Tampa Bay Chapter of NAREP, said. "I think that's something to be very proud of."
Crispin helped Karen Lara build and move into her first home in Plant City. Lara came to the United States from Honduras in 2007 and, since then, spent the next 17 years building a cleaning business from nothing to becoming a homeowner.
"This is my home, my life, my story," Lara said with a smile as she showed us the home. "This is my dream."
Lara told us she built her credit by buying her first truck with a 27% interest rate.
"I paid it off in one year," she said.
Building credit and trust with lenders that ultimately led her to her dream home.
"She's part of the statistics," Crispin said. "She's also another prime example of how Latinos work really hard when they come to this country."
