Arizona has more Hispanic, Asian homeowners than the U.S. average, report says
Asian and Hispanic homeownership rates have reached all-time highs, according to a new report by the National Association of Realtors (NAR). And Arizona’s numbers are stronger than the national data when it comes to some of the racial groups studied.
Based on interviews and a decade of Census data, the association found the rate for Asian Americans grew to more than 63% percent nationally in 2022. In Arizona, it was 66%. Nationwide, Hispanic homeownership increased to 51%, compared to 59% in Arizona. The Black home ownership rate in Arizona is lower, 41% compared to 44%.
“The impacts of housing affordability and limited inventory are more extreme for minority buyers, because more than half are first-time buyers who must rely on down payment sources beyond gained housing equity,” said Jessica Lautz, NAR deputy chief economist and vice president of research.
The data reveal Black homeowners, on average, spend more of their income on housing and have more student debt. The report says Black and Hispanic home buyers are more likely to be denied mortgages. When they get loans, are more likely to have less favorable terms than white and Asian borrowers.
Arizona’s white home ownership rate is 73% compared to 72.3% nationally.
The report also found 24% of Black, 23% of Asian and 22% of Hispanic buyers purchased multigenerational homes, compared to 12% among white buyers.
