Hispanic homeowners narrow home value gap to smallest margin on record
Recent Zillow research reveals that Hispanic homeowners have made significant progress in narrowing the home value gap with white homeowners over the past two years. The gap is now at its narrowest ever, with Hispanic-owned homes worth 11.9% less than those owned by non-Hispanic white households, down from 12.1% last year and 12.4% in December 2021.
Key findings include:
- More than two-thirds of the 100 largest metro areas saw the home value gap decrease for Hispanic homeowners over the past year.
- Hispanics represent 18% of prospective buyers but only 13% of successful purchasers.
- Hispanic borrowers face higher mortgage denial rates (18.8%) compared to non-Hispanic whites (10%).
- The home value gap for Black homeowners has also slightly narrowed to 17.7% from 17.9% over the past year.
While progress is being made, challenges remain in achieving homeownership equity for Hispanic and other minority communities.
Recenti ricerche Zillow rivelano che i proprietari di case ispanici hanno fatto progressi significativi nel ridurre il divario di valore delle abitazioni con i proprietari di case bianche negli ultimi due anni. Il divario è ora al suo minimo storico, con le case di proprietà ispanica che valgono l'11,9% in meno rispetto a quelle possedute da famiglie bianche non ispaniche, in calo rispetto al 12,1% dell'anno scorso e al 12,4% di dicembre 2021.
I principali risultati includono:
- Più di due terzi delle 100 aree metropolitane più grandi hanno visto diminuire il divario di valore delle case per i proprietari ispanici nell'ultimo anno.
- Gli ispanici rappresentano il 18% dei potenziali acquirenti ma solo il 13% degli acquirenti di successo.
- I debitori ispanici affrontano tassi di rifiuto del mutuo più alti (18,8%) rispetto ai bianchi non ispanici (10%).
- Il divario di valore delle abitazioni per i proprietari neri è anche leggermente diminuito al 17,7% rispetto al 17,9% nell'ultimo anno.
Sebbene siano stati compiuti progressi, rimangono sfide nel raggiungere l'equità nella proprietà di abitazioni per le comunità ispaniche e altre minoranze.
La reciente investigación de Zillow revela que los propietarios de casas hispanos han progresado significativamente en reducir la brecha de valor de las viviendas con los propietarios de casas blancos durante los últimos dos años. La brecha está ahora en su mínimo histórico, con las casas de propiedad hispana que valen un 11,9% menos que las de los hogares blancos no hispanos, bajando del 12,1% del año pasado y del 12,4% de diciembre de 2021.
Los hallazgos clave incluyen:
- Más de dos tercios de las 100 áreas metropolitanas más grandes vieron disminuir la brecha de valor de vivienda para los propietarios hispanos en el último año.
- Los hispanos representan el 18% de los compradores potenciales, pero solo el 13% de los compradores exitosos.
- Los prestatarios hispanos enfrentan tasas de denegación de hipoteca más altas (18,8%) en comparación con los blancos no hispanos (10%).
- La brecha de valor de la vivienda para los propietarios negros también se ha reducido ligeramente a 17,7% desde 17,9% en el último año.
Aunque se están logrando avances, siguen existiendo desafíos en la consecución de la equidad en la propiedad de vivienda para las comunidades hispanas y otras minorías.
최근 Zillow 연구에 따르면, 히스패닉 주택 소유자가 지난 2년 동안 백인 주택 소유자와의 주택 가치 격차를 좁히는 데 상당한 진전을 이루었다고 합니다. 현재 격차는 역대 최저 수준에 도달했으며, 히스패닉이 소유한 주택의 가치는 비히스패닉 백인 가구보다 11.9% 낮은 것으로 나타났습니다. 이는 지난해 12.1%와 2021년 12월의 12.4%에서 감소한 수치입니다.
주요 발견 사항은 다음과 같습니다:
- 미국의 100대 대도시 중 3분의 2 이상에서 지난 1년 동안 히스패닉 주택 소유자를 위한 주택 가치 격차가 줄어들었습니다.
- 히스패닉은 예상 구매자의 18%를 차지하지만 성공한 구매자의 13%에 불과합니다.
- 히스패닉 차입자는 비히스패닉 백인(10%)에 비해 더 높은 모기지 거절률(18.8%)에 직면해 있습니다.
- 흑인 주택 소유자의 주택 가치 격차도 지난 1년 동안 17.9%에서 17.7%로 약간 줄어들었습니다.
진전을 이루고 있지만, 히스패닉 및 기타 소수 민족 커뮤니티의 주택 소유에서 공정성을 달성하기 위한 도전 과제가 여전히 존재합니다.
Une récente recherche de Zillow révèle que les propriétaires hispaniques ont réalisé des progrès significatifs dans la réduction de l'écart de valeur des logements par rapport aux propriétaires blancs au cours des deux dernières années. L'écart est désormais à son niveau le plus bas jamais enregistré, les maisons appartenant à des Hispaniques valant 11,9% de moins que celles détenues par des foyers blancs non hispaniques, contre 12,1% l'année dernière et 12,4% en décembre 2021.
Les principales conclusions incluent :
- Plus des deux tiers des 100 plus grandes zones métropolitaines ont vu l'écart de valeur des logements diminuer pour les propriétaires hispaniques au cours de l'année écoulée.
- Les Hispaniques représentent 18% des acheteurs potentiels mais seulement 13% des acheteurs réussis.
- Les emprunteurs hispaniques font face à des taux de refus hypothécaire plus élevés (18,8%) par rapport aux blancs non hispaniques (10%).
- L'écart de valeur des logements pour les propriétaires noirs s'est également légèrement réduit à 17,7% contre 17,9% l'année dernière.
Bien que des progrès aient été réalisés, des défis demeurent pour parvenir à l'équité en matière de propriété pour les communautés hispaniques et d'autres minorités.
Eine aktuelle Zillow-Forschung zeigt, dass hispanische Eigenheim-Besitzer in den letzten zwei Jahren erhebliche Fortschritte bei der Verringerung der Immobilienwertschere zu weißen Hausbesitzern gemacht haben. Die Schere ist nun bei ihrem schmalsten Stand, wobei die von Hispanics besessenen Häuser 11,9% weniger wert sind als die von nicht-hispanischen weißen Haushalten, ein Rückgang von 12,1% im letzten Jahr und 12,4% im Dezember 2021.
Wichtige Erkenntnisse sind:
- Mehr als zwei Drittel der 100 größten Metropolregionen verzeichneten im vergangenen Jahr einen Rückgang der Immobilienwertschere für hispanische Hausbesitzer.
- Hispanics machen 18% der potenziellen Käufer aus, aber nur 13% der erfolgreichen Käufer.
- Hispanische Kreditnehmer haben eine höhere Hypothekenablehnungsquote (18,8%) im Vergleich zu nicht-hispanischen Weißen (10%).
- Die Immobilienwertschere für schwarze Hausbesitzer hat sich im vergangenen Jahr ebenfalls leicht auf 17,7% von 17,9% verringert.
Obwohl Fortschritte erzielt werden, bestehen weiterhin Herausforderungen, um Gleichheit im Eigentum für hispanische und andere Minderheitsgemeinschaften zu erreichen.
- Hispanic-owned homes' value gap narrowed to 11.9%, the smallest margin on record
- More than two-thirds of the 100 largest metro areas saw the home value gap decrease for Hispanic homeowners
- The home value gap for Black homeowners has also slightly narrowed to 17.7% from 17.9%
- Hispanics represent 18% of prospective buyers but only 13% of successful purchasers
- Hispanic borrowers face higher mortgage denial rates (18.8%) compared to non-Hispanic whites (10%)
- Hispanic homebuyers face higher fees when purchasing a home, averaging $2,812 compared to the national average of $2,072
Insights
The narrowing of the home value gap between Hispanic and white homeowners is a significant development in the housing market. The current 11.9% gap, down from 18% in 2012, represents progress towards equity. However, several challenges remain:
- Hispanic homeowners still face higher mortgage fees (
$2,812 vs.$2,072 national average) and higher denial rates (18.8% vs. 10% for non-Hispanic whites). - The gap for Black homeowners, at 17.7%, remains wider than pre-housing bust levels.
- Regional disparities persist, with Los Angeles showing a 32% gap.
While the trend is positive, systemic barriers continue to impact minority homeownership. Investors should monitor policies aimed at improving access to down payment assistance, credit-building programs and affordable housing initiatives, as these could further narrow the gap and potentially impact housing market dynamics.
The narrowing home value gap for Hispanic homeowners has implications for real estate market trends:
- Increased Hispanic homeownership could lead to higher demand in certain markets, potentially driving up prices.
- Areas with large Hispanic populations may see accelerated property value appreciation.
- The
2.62% year-over-year increase in Hispanic-owned home values outpaces the overall market growth of2.51% , indicating a potential shift in market dynamics.
Investors should pay attention to markets like Miami, Orlando and Tampa, which have seen significant reductions in the home value gap. These areas may present opportunities for growth and investment. However, the persistent challenges in mortgage access and higher denial rates for Hispanic buyers could limit the pace of this trend. The real estate market may need to adapt to better serve this growing demographic to fully capitalize on its potential.
Hispanic-owned homes are currently worth
"Homeownership stands as a cornerstone for building wealth, yet systemic barriers have unfairly hindered many people of color from acquiring homes valued comparably to those of their white counterparts," said Treh Manhertz, Zillow senior economic research scientist. "Efforts to improve access to down payment assistance, credit-building programs, zoning reforms, and affordable housing construction and preservation in desirable areas are key initiatives to help this progress continue."
More of Hispanic homeowners' wealth is typically tied up in their primary residence, relative to homeowners of other races, so home value fluctuations have an outsize effect on them. There is positive movement toward equity at the local level. More than two-thirds of the 100 largest metro areas saw the home value gap decrease for Hispanic homeowners over the past year. For example, significant reductions were observed in several large
Several metros with larger-than-average Hispanic/white home value gaps also saw their gaps narrow. Of the 40 largest metros with gaps larger than the national average, 31 of them reduced their gap by more than the national average.
However, while gradual progress is being made in closing the gap, the jump into homeownership remains a significant hurdle for Hispanics. According to Zillow's 2024 Consumer Housing Trends Report, Hispanics represent
Zillow's analysis indicates that the home value gap for Black homeowners has slightly narrowed over the past year as well, to
Typical Home Values by Race and Ethnicity (National) | |||||
Race | Typical Home | Year-Over-Year | Home Value Gap, | One-Year Change | Five-Year Change in |
All | 2.51 % | -2.9 % | 0.05pp | 0.27pp | |
Asian | 2.65 % | 1.9 % | 0.19pp | -0.09pp | |
Black | 2.69 % | -17.7 % | 0.19pp | 1.67pp | |
Hispanic | 2.62 % | -11.9 % | 0.14pp | 0.83pp | |
Pacific Islander | 2.58 % | -6.1 % | .011pp | 0.91pp | |
White (non-Hispanic) | 2.46 % | -- | -- | -- | |
Hispanic Home Value Gaps Relative to White Home Values by Metro | ||||||
Region | Size | Typical Home Value | Year-Over-Year | Home Value Gap, | One-Year Change in | Five-Year Change in |
0 | 2.6 % | -11.9 % | 0.14 | 0.83 | ||
1 | 7.0 % | -11.8 % | 0.00 | 3.12 | ||
2 | 6.2 % | -32.0 % | 0.75 | 1.26 | ||
3 | 5.8 % | -21.1 % | 0.73 | 2.97 | ||
4 | -0.5 % | -23.8 % | -0.21 | 0.48 | ||
5 | 0.2 % | -23.4 % | -0.37 | 0.93 | ||
6 | 3.2 % | -9.8 % | -0.05 | -0.26 | ||
7 | 5.6 % | -21.0 % | 0.73 | 2.90 | ||
8 | 4.5 % | -8.2 % | 1.11 | 0.73 | ||
9 | 2.1 % | -9.8 % | -0.17 | 1.40 | ||
10 | 6.2 % | -13.7 % | 0.55 | 1.79 | ||
11 | 1.3 % | -20.3 % | 0.16 | 1.47 | ||
12 | 2.4 % | -23.1 % | 0.25 | -0.57 | ||
13 | 5.0 % | -6.1 % | 1.07 | 0.78 | ||
14 | 4.1 % | -21.1 % | 0.16 | 1.59 | ||
15 | 3.8 % | -9.4 % | -0.25 | 0.21 | ||
16 | -0.1 % | -9.0 % | -0.13 | -0.75 | ||
17 | 6.0 % | -20.8 % | -0.01 | -1.37 | ||
18 | 0.7 % | -6.0 % | 0.47 | 1.24 | ||
19 | 0.3 % | -10.2 % | -0.06 | 0.39 | ||
20 | 2.2 % | -10.0 % | -0.04 | 0.60 | ||
21 | 3.2 % | -10.0 % | 0.26 | 0.07 | ||
22 | 1.6 % | -6.5 % | 0.28 | 0.84 | ||
23 | 2.3 % | -10.6 % | -0.38 | 1.16 | ||
24 | -3.3 % | -20.0 % | -0.58 | -2.22 | ||
25 | 0.4 % | -4.8 % | 0.05 | 0.36 | ||
26 | 1.9 % | -6.7 % | 0.07 | 1.07 | ||
27 | 2.9 % | -1.8 % | 0.30 | 0.52 | ||
28 | 3.9 % | -0.4 % | 0.18 | 0.76 | ||
29 | -4.7 % | -20.0 % | -0.12 | -0.20 | ||
30 | 6.3 % | -11.8 % | 0.15 | 1.22 | ||
31 | 3.1 % | -16.9 % | 0.56 | 4.92 | ||
32 | 3.8 % | -6.1 % | 0.29 | 1.79 | ||
34 | 2.8 % | -9.3 % | 0.33 | 2.87 | ||
35 | 6.3 % | -19.7 % | 0.60 | 1.82 | ||
36 | 8.3 % | -29.5 % | -0.19 | -- | ||
37 | 1.2 % | -8.4 % | -0.08 | -0.34 | ||
38 | 4.1 % | -5.6 % | -0.02 | 0.41 | ||
39 | 7.7 % | -10.6 % | 0.61 | 3.17 | ||
40 | 0.0 % | -5.3 % | -0.16 | -0.20 | ||
41 | 6.4 % | -16.5 % | 1.33 | 3.78 | ||
42 | 2.9 % | -22.4 % | 0.92 | 2.31 | ||
43 | 0.8 % | -12.1 % | -0.55 | 0.20 | ||
44 | 0.1 % | -24.5 % | 0.18 | 2.20 | ||
45 | 3.6 % | -8.1 % | -0.95 | 1.93 | ||
46 | 3.6 % | -10.2 % | 0.62 | 1.26 | ||
47 | -4.9 % | -10.5 % | -0.09 | -0.38 | ||
48 | 1.4 % | -14.3 % | 0.38 | 1.57 | ||
49 | 8.2 % | -15.1 % | 0.22 | 2.69 | ||
50 | 5.9 % | -15.5 % | 0.28 | 0.43 | ||
51 | -1.1 % | -23.6 % | -0.21 | 0.86 | ||
52 | 8.5 % | -20.5 % | 1.19 | 0.88 | ||
53 | 4.3 % | -10.1 % | 0.07 | 1.77 | ||
54 | 2.4 % | -17.3 % | 0.29 | 1.48 | ||
Urban | 55 | 0.2 % | -9.4 % | 0.11 | 1.60 | |
56 | 5.1 % | -16.6 % | 0.91 | 4.17 | ||
57 | 3.7 % | -14.8 % | 0.44 | 1.77 | ||
58 | 6.7 % | -9.3 % | 0.20 | 1.97 | ||
59 | 2.5 % | -20.6 % | 0.34 | 2.91 | ||
60 | 7.1 % | -28.9 % | 0.29 | 1.01 | ||
61 | 2.6 % | -5.1 % | 0.08 | 0.50 | ||
62 | 3.8 % | -10.4 % | 0.37 | 2.49 | ||
63 | 5.4 % | -6.7 % | 0.88 | 3.11 | ||
64 | 6.0 % | -3.7 % | 0.09 | 0.31 | ||
65 | 4.8 % | -3.6 % | 0.13 | 0.40 | ||
66 | 1.1 % | -4.5 % | -0.03 | -0.56 | ||
67 | 4.1 % | -2.5 % | 0.49 | 1.74 | ||
68 | 8.8 % | -20.4 % | 1.07 | 4.72 | ||
69 | 3.4 % | -11.0 % | -0.06 | -0.12 | ||
70 | 6.1 % | -12.6 % | 0.51 | 3.49 | ||
71 | 5.2 % | -13.9 % | 0.64 | 0.78 | ||
72 | 3.2 % | -6.6 % | 0.03 | 0.12 | ||
73 | -3.8 % | -14.1 % | 0.23 | 0.76 | ||
74 | -- | |||||
75 | 4.0 % | -6.0 % | -0.14 | -0.09 | ||
76 | 3.9 % | -11.1 % | 0.48 | 0.82 | ||
77 | 2.3 % | -9.7 % | 0.18 | 1.43 | ||
78 | -3.3 % | -13.2 % | 1.59 | 4.27 | ||
79 | 2.8 % | -2.8 % | 0.07 | 0.25 | ||
80 | 0.0 % | -12.5 % | -0.32 | 0.32 | ||
81 | 4.1 % | -20.1 % | 0.61 | -0.95 | ||
82 | -0.8 % | 0.2 % | -0.45 | -0.86 | ||
83 | 6.9 % | -12.2 % | 1.23 | 2.93 | ||
84 | 3.8 % | -18.2 % | 0.92 | 2.30 | ||
85 | 6.5 % | -11.5 % | 0.75 | 4.91 | ||
86 | -- | |||||
87 | 1.3 % | -5.6 % | 0.03 | 0.28 | ||
88 | 5.4 % | -2.2 % | 0.15 | 1.05 | ||
Winston, NC | 89 | 4.7 % | -8.4 % | 0.43 | 1.60 | |
90 | 0.7 % | -6.2 % | 1.42 | 2.43 | ||
91 | 10.6 % | -11.2 % | 0.47 | 0.70 | ||
92 | 0.2 % | -7.0 % | -0.11 | 0.21 | ||
93 | 5.1 % | -11.7 % | 0.69 | 2.66 | ||
94 | 7.0 % | -18.7 % | 1.02 | 4.03 | ||
95 | 1.9 % | -6.1 % | -0.15 | 0.19 | ||
96 | 2.1 % | -2.6 % | -0.41 | -4.60 | ||
97 | -1.0 % | -4.3 % | -0.03 | 0.35 | ||
98 | -0.6 % | 0.2 % | 0.02 | 0.65 | ||
99 | 4.3 % | -12.1 % | 0.87 | 3.18 | ||
100 | 0.4 % | -5.7 % | 0.02 | 0.43 | ||
Methodology: Zillow's analysis aggregated small-area home values (ZHVI), weighted by estimated counts of homeowners by race and ethnicity of the household head in the American Community Survey, to estimate relative home values and home value appreciation by race.
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FAQ
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