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S TA T E O F H I S PA N I C H O M E O W N E R S H I P R E P O R T
SECTION 2: Factors Impacting Hispanic Homeownership LATINOS DRIVE DEMAND FOR HOMEOWNERSHIP Latinos continue to outpace growth in household formations, a key indicator for the role Latinos play in driving housing demand. Over the past year, Hispanics added 543,000 households, an increase of 17.8 percent from the year prior. 35 Over the past decade, Latinos have accounted for 35.9 percent of the overall growth in household formations and have added 4.7 million new households, significantly outpacing the rate of household formation growth compared to the overall U.S. population. 36
LATINOS WILL ACCOUNT FOR MORE THAN HALF OF FUTURE HOUSEHOLD FORMATIONS Between now and 2040, Urban Institute projects that 16.1 million new households will be formed, all of which will come from communities of color. Of those, 8.6 million will be Latino, 4.8 million will be Asian (or other), and 3.3 million will be Black. By 2040, there will be 600,000 fewer non-Hispanic White households. 37 If these projections come to bear, Latinos will make up more than half of new household formations (53.1 percent) over the next 20 years. The Latino share of new households will be the most pronounced between 2030 and 2040, when Latinos will account for 58.7 percent of household formations, while the non-Hispanic White population will exhibit a decline of 14.07 percent. 38
population growth. Over the last decade (2009-2019), Latinos accounted for 52.3 percent of the U.S. population growth. Since 2010, the Latino population has grown by 19 percent, adding a total of 9.8 million people.41 While more than half of Latinos (54.1 percent) live in either California, Texas, or Florida, the Latino population is growing rapidly across the country. Since 2010, the following states have surpassed one million Latinos: Georgia, New Mexico, North
LATINO POPULATION GROWTH
Between 2018 and 2019, the Latino population grew by 932,368 people, and was responsible for 60 percent of U.S.
Over the next 40 years, Latinos will be the primary contributors to U.S. population growth. Between now and 2060, Latinos will account for 68 percent of the U.S. population growth, while the non-Hispanic White population is projected to shrink by 19 million.43
Latinos are the second fastestgrowing population in the U.S. With a total population of 60.6 million, Latinos account for 18.6 percent of the total U.S. population. 39 If the U.S. Latino population were its own country, it would be equivalent to the population size of Italy.40
Carolina, and Pennsylvania. In a total of 19 states, Latinos were responsible for at least 50 percent of the population growth between 2018 and 2019.42
