The rise of Hispanic homeownership in the US

Happy National Hispanic Heritage Month! ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ [Better] [Better]( This week's mortgage rates [Rate chart] [Rate chart]( Source: US average mortgage rates from [FreddieMac]( --------------------------------------------------------------- Better Mortgage Interested in today's rates? [See Better Mortgage rates]( --------------------------------------------------------------- #FundFact 🏡 According to the National Association of Hispanic Real Estate Professionals, there are 9.2 million Hispanic homeowner households in the US¹ Things to know Hispanic homeownership sees steady growth in the US Hispanic homeownership sees steady growth in the US National Hispanic Heritage Month (NHHM) has been celebrated across the country each year from September 15 to October 15 since 1988. What started out as Hispanic Heritage Week in 1968, evolved into NHHM under Ronald Regan’s presidency. This time is dedicated to honoring the histories, cultures, and contributions of the American Latino community! The celebration begins in the middle of the month rather than on the first of September because it coincides with the independence days of numerous Latin American countries: Guatemala, Honduras, El Salvador, Nicaragua and Costa Rica all celebrate on September 15, followed by Mexico on September 16, Chile on September 18 and Belize on September 21. Dia de la Raza, which is a recognition of the mixed indigenous and European heritage, is celebrated on October 12. The rise of Hispanic homeownership It’s no secret that US Latinos hold a powerful economic force—collectively, they spent $1.84 trillion in 2020, making their economic output greater than the entire economies of Canada and South Korea.¹ In fact, Latinos earning more than $100,000 per year are growing more than any other group, and in the next five years, affluent Hispanic households are expected to grow 36% annually.¹ With this knowledge in mind, it only makes sense that Latinos are making great strides in the world of homeownership as well. We’re experiencing one of the most challenging housing markets in decades with high interest rates and low inventory. Despite these challenges, the Hispanic homeownership rate has grown at a steady rate consecutively for the past eight years.² In 2022, the Hispanic homeownership rate came in at 48.6%, with Latinos adding a total of 349,000 homeowner households to the US³—the largest single year gain over the last decade. And it’s predicted that future homeownership growth will continue to rely on Latinos: they are young, growing in population, and rapidly forming new households. Latinos are predicted to account for 70% of homeownership growth over the next 20 years, the only racial or ethnic group that will see an increased homeownership rate!⁴ Latinos as homebuyers and homeowners: - Latinos have the largest near mortgage-ready population of any racial or ethnic group. About 33% of Latinos aged 45 and under have the credit characteristics to qualify for a mortgage.² - Latinos trend younger as homeowners. About 70.6% Latinos who purchased a home with a mortgage in 2021 were under the age of 45, according to data from the Home Mortgage Disclosure Act (HMDA).² - Since the Great Recession, Hispanic households have contributed nearly 25% of homeownership growth in the US.³ - Almost half of top producing Latino real estate agents witnessed an increase in investment property acquisition by Latino homebuyers.³ - One in five Latinos are enrolled in colleges or trade schools, and the median household income has increased nearly 50% in the last ten years.³ - More than 30% of Latino households are multigenerational, per NAHREP’s report.³ - Latinos tend to purchase where there is a matching market with appropriate affordability, in places like El Paso, Laredo, and Corpus Christie, TX, as well as places like Cleveland, OH, and Detroit, MI.³ --------------------------------------------------------------- Better Mortgage Go from locked to conditionally approved in 24 hours with Better Mortgage [Get sarted with One Day Mortgage⁵]( --------------------------------------------------------------- Press play Follow us on social to stay up to date with the latest mortgage tech, tips, and tools: Watch on [TikTok]( • [Instagram]( • [YouTube]( • [Facebook]( --------------------------------------------------------------- Better Mortgage Questions? Connect with a mortgage expert now [Apply today]( --------------------------------------------------------------- Quiz As of 2023, what is the most affordable state to live in? - Missouri - Texas - Kansas - Alabama [Better] [Better] [social]( [social]( [social]( [social]( [social]( ¹ Source: [National Mortgage Professional]( ² Source: [HousingWire]( ³ Source: [Hispanic Executive]( ⁴ Source: [National Association of Hispanic Real Estate Professionals]( ⁵ Better Mortgage’s One Day Mortgage promotion offers qualified customers who provide certain required financial information/documentation to Better Mortgage within 4 hours of locking a rate on a mortgage loan the opportunity to receive an underwriting determination from Better Mortgage within 24 hours of their rate lock. The underwriting determination is subject to customary terms, including fraud and anti-money laundering checks, that take place pre-closing and which may trigger additional required documentation from the customer. Better Mortgage does not guarantee that initial underwriting approval will result in a final underwriting approval. See [One Day Mortgage Terms and Conditions](. © 2023 Better Home & Finance Holding Company and/or its affiliates. Better is a family of companies. Better Mortgage Corporation provides home loans; Better Real Estate, LLC and Better Real Estate California Inc License # 02164055 provides real estate services; Better Cover, LLC sells insurance products; and Better Settlement Services provides title insurance services; Better Connect, LLC dba Better Attorney Match provides real estate attorney connection services; and Better Inspect, LLC provides home inspection services. All rights reserved. Home lending products offered by Better Mortgage Corporation. Better Mortgage Corporation is a direct lender. NMLS #330511. 3 World Trade Center, 175 Greenwich Street, 57th Floor, New York, NY 10007. Loans made or arranged pursuant to a California Finance Lenders Law License. Not available in all states. Equal Housing Lender [Equal Housing Lender]. [NMLS Consumer Access]( BETTER MORTGAGE RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS, PROMOTIONS AND BENEFITS AT ANY TIME WITHOUT NOTICE. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. Alaska Mortgage Broker/Lender License (#AK330511); Alabama Consumer Credit License (#22548); Arkansas Combination Mortgage Banker-Broker-Servicer License (#114738); Arizona Mortgage Banker License (# 0942146); CA Dept. of Business Oversight - Finance Lenders Law License (#6052748); Loans made or arranged pursuant to Mortgage Company Registration with the Colorado Division of Real Estate (#330511); Connecticut Mortgage Lender License (#ML-330511); District of Columbia Mortgage Dual Authority License (#MLB330511); Delaware Lender License (#026589); Florida Mortgage Lender License (#MLD1484) Georgia Mortgage Lender License (#43354); Iowa Mortgage Banker License (#2018-0056); Idaho Mortgage Broker/Lender License (#MBL-2080330511); Illinois Residential Mortgage Licensee (#MB.6761046); Indiana DFI Mortgage Lending License (#330511); Kansas Mortgage Company License (#MC.0025544); Kentucky Mortgage Company License (#MC419058); Louisiana Residential Mortgage Lending License (#330511); Massachusetts Mortgage Lender License (#ML330511); Maryland Mortgage Lender License (#21438); Maine Supervised Lender License (#330511); Michigan 1st Mortgage Broker/Lender Registrant (#FR0020971); Minnesota Residential Mortgage Originator License (#MN-MO-330511); Mississippi Mortgage Lender License (#330511); Missouri Mortgage Company License (#19-2462); Montana Mortgage Lender License (#330511); North Carolina Mortgage Lender License (#L-162055); North Dakota Mortgage Broker License (#MB103296); Nebraska Mortgage Lender License (#330511); Licensed by the N.J. Department of Banking and Insurance (#330511); New Mexico Mortgage Lender License (#330511); Licensed Mortgage Banker - NYS DFS (#LMB-109666); Ohio Residential Mortgage Lending Act Certificate of Registration (#RM.804430.000); Oklahoma Mortgage Lender License (#ML011933); Oregon Mortgage Lending License (#ML-5310); Pennsylvania Mortgage Lender License (#46959); Rhode Island Mortgage Lender License (#20183669LL); South Carolina-BFI Mortgage Lender/Servicer License (#MLS-330511); South Dakota Mortgage Lender License (#ML.05201); Tennessee Mortgage License (#136757); Texas Mortgage Lender License (#330511); Utah Mortgage Entity License (#11448204); Vermont Lender License (#7618); Virginia Lender License (#MC-5863); Washington Consumer Loan License (#CL-330511); Wisconsin Mortgage Banker License (#330511BA); West Virginia Mortgage Lender License (#ML36354); Wyoming Mortgage Lender License (#3369); Nevada Mortgage Company License (# 5267) Better Mortgage Corporation, Better Real Estate, LLC, Better Settlement Services, LLC, Better Cover, LLC, Better Connect, LLC dbs Better Attorney Match, and Better Inspect, LLC are separate operating subsidiaries of Better Home & Finance Holding Company. Each company is a separate legal entity operated and managed through its own management and governance structure as required by its state of incorporation, and applicable and legal and regulatory requirements. Products not available in all states. Any unauthorized use of any proprietary or intellectual property is strictly prohibited. All trademarks, service marks, trade names, logos, icons, and domain names are proprietary to Better Home & Finance Holding Company. Better Home & Finance Holding Company trademarks are federally registered with the U. S. Patent and Trademark Office. Better Cover is a registered trademark with the U.S. Patent and Trademark Office and is owned by Better Cover, LLC. This email was intended for {EMAIL} [View this email online]( | [Unsubscribe](