Despite elevated interest rates and tight inventory, the national Hispanic homeownership rate reache

Despite elevated interest rates and tight inventory, the national Hispanic homeownership rate reache

4/10/2024

The economy has witnessed job growth for 39 consecutive months, marking the fifth-longest period of job expansion on record. Mortgage rates experienced a slight increase in the past week, driven by the absorption of strong end-of-month data from the previous week and anticipation surrounding the upcoming jobs report. Since 2019, the number of single, female-headed households, including widowed, separated, or divorced individuals, has risen by 1.4 million, with one million of them being homeowners.

In other news, despite challenges in the housing market, the traditional American dream of homeownership persists. A recent Realtor.com survey reveals that while most Americans still view owning a home as attainable, many prospective buyers are waiting for interest rates to drop below 6%. However, Millennials and Gen Z respondents show greater flexibility, with nearly half willing to buy even if rates exceed 8%. The Hispanic homeownership rate reached 49.5% in 2023, with a net gain of 377,000 Hispanic owner households from the previous year, reflecting a promising trend in the housing market.

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