1

Published September 23, 2022

Established in 2012, the American Center for Economic Advancement, dba the Hispanic Wealth Project™, is a non-profit charitable organization whose
mission is to advance sustainable Hispanic homeownership through engagement in strategic efforts focused on Hispanic workforce participation in
housing, small business development, and wealth building.

The National Association of Hispanic Real Estate Professionals® (NAHREP®) is a non-profit trade association founded in 1999. The association has a
network of 40,000 real estate professionals and 100+ chapters that include real estate agents, brokers, mortgage professionals, and settlement service
providers. NAHREP’s mission is to advance sustainable Hispanic homeownership in America by educating and empowering real estate professionals who
serve Hispanic homebuyers and sellers, advocating for policy that supports the organization’s mission, and facilitating relationships between industry
stakeholders and housing professionals.

The State of Hispanic Wealth Report is a publication of both NAHREP® and the Hispanic Wealth Project™.
ACKNOWLEDGEMENTS

The Hispanic Wealth Project™ (HWP™) is grateful for the outstanding commitments of the people and organizations whose contributions of
time, thought leadership, and financial resources made our work possible.

Publication of the State of Hispanic Wealth Report has come to fruition through the generous financial and intellectual resources of the Hispanic
Wealth Project’s annual partners and data contributors. The HWP is appreciative of the HWP Founding Board of Advisors and the HWP Board of
Directors whose strategic guidance and leadership advance its efforts to triple median Hispanic household wealth by 2024.

HWP ANNUAL PARTNERS

CHAIRMAN’S CIRCLE HWP STATE OF HISPANIC WEALTH REPORT AUTHORS AND CONTRIBUTORS
Noerena Limón, EVP of Public Policy & Industry Relations, NAHREP

Jaimie Smeraski, Policy, Learning & Research Director, NAHREP

Julie Aguilar, Senior Policy & Research Analyst, NAHREP

Jovana Campos, Intern, NAHREP

Miriam Torres Sanchez, Intern, NAHREP

BENEFACTOR HWP ANNUAL REPORT GRAPHIC DESIGN NAHREP LEADERSHIP AND BOARD
Shelby Buska, Graphic Designer, NAHREP Luis Padilla, 2022 NAHREP President
Tyler McElmurry, Graphic Designer, NAHREP
Gary Acosta, Co-Founder & CEO
Meghan Lucero, Senior Marketing Manager, NAHREP
Nuria Rivera, 2022 NAHREP President-Elect
HWP LEADERSHIP Sara Rodriguez, Immediate Past President &
Sara Rodriguez, Chairperson HWP Chairperson

TRUSTEE Gerardo “Jerry” Ascencio Oralia Herrera, Secretary

Gary Acosta Mauricio Perez, Treasurer

Jason Riveiro Gerardo ``Jerry`` Ascencio,

Chapter Subsidiary Chairman
Noerena Limón
Edwin Acevedo, Director

Nora Aguirre, Director

Atila (AT) Almeida, Director

Rob Chevez, Director

Mark Dimas, Director

Francisco Fernández, Director

Adriana Perezchica, Director

Diana Sifuentes, Director

Josué Soto, Director

Neily Soto, Director

Neil Terc, Director

The American Center for Economic Advancement, dba the Hispanic Joe Castillo, Board Advisor
Wealth Project™, is a non-profit charitable organization whose mission
is to advance sustainable Hispanic homeownership through engagement
in strategic efforts focused on Hispanic workforce participation in Armando Falcon, Board Advisor
housing, small business development, and wealth building.
Juan Martinez, Board Advisor

Joseph Nery, Board Advisor

 TABLE OF CONTENTS

1 BACKGROUND pg 2

2 REPORT METHODOLOGY pg 3

3 EXECUTIVE SUMMARY pg 4

4 STATE OF HOUSEHOLD WEALTH pg 7

5 FAST FACTS: BENCHMARKING NAHREP MEMBERS

TO LATINOS OVERALL pg 10

6 HOMEOWNERSHIP pg 11

7 ENTREPRENEURSHIP pg 15

8 SAVINGS AND INVESTMENTS pg 19

9 APPENDIX A: SURVEY RESULTS pg 24

10 APPENDIX B: HISPANIC WEALTH PROJECT INITIATIVES pg 28

11 ENDNOTES pg 30
 STATE OF HISPANIC WEALTH REPORT

2 HISPANIC WEALTH PROJECT COMPONENT GOALS

1
Homeownership, because it is the primary GOAL | Increase home equity wealth by achieving
vehicle for wealth creation for the middle class a Hispanic homeownership rate of 50 percent
and core to NAHREP’s mission. or greater.

2
Entrepreneurship, because small business is the GOAL | Increase the wealth generated from
engine that drives the U.S. economy and small businesses by increasing the number of
NAHREP’s membership is comprised of successful Hispanic-owned employer firms to 400,000
small business owners who have gained wealth by or greater.
establishing and growing their businesses.

3
Savings and Investment, because stocks, bonds GOAL | Increase the wealth created from savings and
and retirement accounts have historically investments by raising the percent of Hispanics who
outperformed other investments and can help own a retirement account to 37 percent or greater.
diversify an asset portfolio.

BACKGROUND
In 2014, the National Association of Hispanic Real Estate Professionals (NAHREP®) established the Hispanic Wealth Project™ (HWP), an initiative born
in the wake of the Great Recession, when Latinosa lost up to two-thirds of their median household wealth. It was then that the organization set the
audacious goal to triple Hispanic household wealth by 2024. To guide that goal, the HWP produced a blueprint outlining three primary areas of
focus, along with a series of targeted component goals for building wealth: increasing homeownership, scaling small businesses, and
diversifying investments.

TRIPLING MEDIAN HOUSEHOLD WEALTH:

BENCHMARKING PROGRESS ON COMPONENT GOALS

2013 M O S T R E C E N T D ATA 2 02 4 G O A L

In 2014, the Hispanic Wealth Project set the H O M E O W N E R S H I P R AT E 46.1% 48.4% 50%+
goal to triple median household wealth
by 2024 along with three corresponding
component goals.
H I S PA N I C E M P L OY E R F I R M S 298,563 346,836 400,000+

Based on the sources from which the

R E T I R E M E N T A C C O U N T PA R T I C I PAT I O N 25.1% 25.5% 37%+
goals were set, to the right is a summary
of progress toward these goals:
T O TA L M E D I A N H O U S E H O L D W E A LT H $15,150* $36,050 $45,450

*INFLATION-ADJUSTED TO 2019 DOLLARS.

a
For clarification, the terms “Hispanic” and “Latino” are used interchangeably throughout this document to refer to people of Mexican, Puerto Rican, Cuban, Central American, South American,
Dominican, Spanish descent, and descent from other Spanish-speaking countries.
 REPORT METHODOLOGY

2022 STATE OF HISPANIC WEALTH SURVEY 3

Independent survey research is conducted annually by the Hispanic Wealth Project to offer a more nuanced understanding of Latinos in the U.S. and
their experience with wealth creation. For the first time in 2022, the project conducted a survey of its own network, Latino members of the National
Association of Hispanic Real Estate Professionals (NAHREP). NAHREP is a non-profit trade association with a network of over 40,000 real estate
professionals and 100 chapters that include real estate agents, brokers, mortgage professionals, and settlement service providers. The organization’s
mission is to advance sustainable Hispanic homeownership.

NAHREP members are influencers within their community, aiding their clients in what is often the largest financial transaction of their lifetime —
purchasing a home. The nature of their businesses means NAHREP members are often viewed as resources for their clients’ finances, spanning beyond
real estate transactions. The Hispanic Wealth Project aims to use the data from this survey to engage the NAHREP network in programs tailored to
advancing their individual financial soundness, creating a multiplier effect on the greater Latino community.

SURVEY METHODOLOGY
SURVEY CONDUCTED ONLINE
The 2022 State of Hispanic Wealth Report Survey was conducted online between July 12 and July 25,

784 LATINO MEMBER RESPONSES 2022. The survey was administered online and received 1,221 responses across 36 states, including
the District of Columbia, and Puerto Rico. The scope of survey data analyzed was reduced to 784
responses, to include only NAHREP members that identify as Hispanic or Latino. Survey responses

36 STATES AND TERRITORIES,

INCLUDING DC, AND PUERTO RICO
were received from each of the states and territories where NAHREP has a chapter presence.b

THINGS WE KNOW
ABOUT NAHREP MEMBERS...

BELONG TO A PURSUED A CAREER WITH A FREQUENTLY PARTICIPATE

PROFESSIONAL NETWORK WEALTH BUILDING CULTURE IN MASTERMINDS

b
For a full list of NAHREP chapter locations, visit [Link]
 STATE OF HISPANIC WEALTH REPORT

4 EXECUTIVE SUMMARY
As the next iteration of the Survey of Consumer Finances, the most reliable source for tracking wealth in the U.S., will not be published until 2023,
the Hispanic Wealth Project surveyed nearly 800 Latino members of the National Association of Hispanic Real Estate Professionals (NAHREP).
The results of this year’s survey highlight how networks, narrowing knowledge gaps, and a zealous community’s pursuit of the American dream can
offer a roadmap for closing the wealth gap.

All things being equal, social capital can be the determining factor in people’s careers, access to education, economic mobility, acquisition of assets,
spending habits, and ultimately, wealth. The Hispanic Wealth Project, an initiative born out of NAHREP, has focused on Latino wealth creation.
From its inception, the Hispanic Wealth Project (HWP), understood that it had a unique opportunity to build a case study demonstrating how
networks can be uniquely leveraged to tackle the Latino/non-Hispanic White wealth gap.

To close knowledge gaps and transform thinking around money, the HWP established a set of culturally relevant wealth disciplines that became
known as the NAHREP 10. These disciplines permeated every aspect of the organization, becoming embedded into the ethos of the NAHREP network
and stimulating previously tabooed conversations around money and wealth creation, not only among members but also among their respective
communities. NAHREP became a space where members had continuous access to financial education, where they masterminded and inspired wealth
building strategies, where they were encouraged to develop deliberate strategies to build wealth among like-minded individuals, and where the
ultimate motivation was rooted in family — building generational wealth, while impacting the broader Latino community. By focusing on members
within a network, wealth creation can become a movement that has a ripple effect on communities nationwide.

and the substantial wealth gains of NAHREP $400,000 or more. Mortgage lenders in the
members. NAHREP members have benefited NAHREP network boast the highest incomes,
"Dime con quién andas, from the real estate market’s recent success, with one in four (24.6 percent) earning at
y te diré quién eres.”
as professionals/advisors and investors, as least $400,000, compared to one in ten (10.5
Tell me who you surround
entrepreneurs, and through stock market percent) of those in real estate sales. This
yourself with and I'll tell you
who you are. investments - all of which are at the core of difference can be partially explained by the
NAHREP’s member education programs. refinance boom of the past two years.

Four times the net worth of the overall FROM HOMEOWNERSHIP TO

Latino population nationwide: More than THE WEALTH GAP
NET WORTH, INCOME, AND three-quarters (80.8 percent) of NAHREP Latino and Non-Hispanic
White Households 2019
ECONOMIC INDICATORS members have a net worth of at least
$150,000, more than four times the median
Goal: Tripling median Hispanic household
net worth of Latinos in the U.S., while 29.4
wealth by 2024 ($45,450) Non-Hispanic White
percent have a net worth of at least $1 million.
$189,100
Latino household wealth has more than doubled
Millionaires achieve wealth through asset
between 2013 and 2019, significantly outpacing
diversification: Nearly all (99.3 percent)
$153,050

the general population. Latino household

of NAHREP members with a net worth of
wealth has increased by 138 percent to $36,050
$1 million or more are homeowners — 88.6
in 2019, compared to a 36 percent increase for
percent own investment properties, and 82.0
the overall population.1 With a sharp rise in
percent invest in the stock market.
home equity and increased homeownership
rates in both 2020 and 2021, the next iteration Incomes drive wealth: While Latinos overall
of the Survey of Consumer Finances is poised have a median household income of $55,000,2
to show that Latino median household wealth nearly all (89.2 percent) of NAHREP members Latino
increased substantially during the pandemic. have an annual household income of at least $36,050
Real estate acquisitions play an important role $60,000. More than half (55.9 percent) earn
in both the growth of Latino household wealth at least $150,000 and 14.7 percent earn
c
The NAHREP 10 disciplines can be found at [Link]

SOURCE: FEDERAL RESERVE

 EXECUTIVE SUMMARY

REAL ESTATE INVESTING NAHREP MEMBERS: HOMEOWNERSHIP RATE 5

86.1%
NAHREP members are predominantly homeowners, nearly twice the rate of Latinos overall
Goal: Achieving a 50 percent Hispanic
homeownership rate by 2024

While the Latino homeownership rate has

48.4%
NAHREP
reached 48.4 percent3 and is on track to
reach 50 percent by 2024, homeownership
and real estate investing have become MEMBERS
more lucrative, yet also less accessible. Low
housing inventory, rising interest rates, and
affordability constraints pose threats to future
homeownership growth. As experts in the
LATINOS
homebuying process, it is unsurprising that OVERALL
real estate is the primary driver of wealth for
NAHREP members.

Rise in homeownership during historic equity

SOURCE: HWP SURVEY
appreciation: Home purchase originations
made to Latinos in 2021 increased by 14.7 owning investment property outside of their business owners are sole proprietors or

percent. At the same time, the average annual

4 primary residence. independent contractors.

equity gain increased to $55,300 per borrower Real estate investments used as retirement Employer firms are 5.7X more likely to be
at the end of 2021, more than twice the gain vehicles: The majority (81.3 percent) of scaled: Employer firms make up 31.5 percent
from 2020.5 NAHREP members plan to use their real estate of businesses within the NAHREP network,

Homeownership gap remains sizeable investments as a source of retirement funding. compared to only 6 percent of Latino-owned

but largely driven by age: The Latino businesses overall.10 One in ten (11.8 percent)
ENTREPRENEURSHIP AND NAHREP businesses are scaled. NAHREP
homeownership rate has been steadily
SCALING employer businesses are 5.7 times more likely to
increasing for the past seven years but
be scaled than non-employer businesses.
the homeownership gap has yet to narrow Goal: Increase the number of Hispanic-owned
significantly. The Latino homeownership rate employer businesses to 400,000 or greater
Few access traditional forms of funding:
is 25.7 percentage points lower than their by 2024
Among NAHREP business owners, only 4.6
non-Hispanic White counterparts. However,
According to the U.S. Census Bureau, as of percent used institutional funding sources, such
age is a key driver of the homeownership gap.
2019, there are 346,836 Latino-owned employer as small business loans, in order to start their
When comparing adults under the age of 30,
firms, a 4.6 percent increase from the previous businesses. Almost all (91.1 percent) of NAHREP
the gap nearly closes, narrowing by 18.8
year. However, only three percent of Latino
8 entrepreneurs used their personal savings,
percentage points.6
businesses are considered scaled, having an while 21.0 percent used personal credit cards.
NAHREP members invest in what they know: annual revenue of $1 million or more. Building 9

Nearly all NAHREP members are homeowners, wealth through entrepreneurship and scaling
with 86.1 percent owning some form of real requires increasing the number of employer
estate, nearly twice the overall homeownership businesses, as well as ensuring access to
rate for Latinos in the U.S. capital, networks, and education. NAHREP NAHREP EMPLOYER
BUSINESSES ARE

5.7X
members receive mentorship, education, and
As Latino wealth rises, real estate
networks through their participation in the
investments increase: Among the overall
organization. However, more needs to be done
Latino population, 8.4 percent of Latinos own
to bridge access to capital.
an investment property, an increase of 24.2 MORE LIKELY TO BE SCALED
THAN NON-EMPLOYER
percent between 2010 and 2019. NAHREP
BUSINESSES
7
NAHREP is a network of entrepreneurs: The
members invest in real estate at nearly 7 times majority of NAHREP members (68.6 percent)
the rate of Latinos overall, with 58.7 percent own a business, while 58.3 percent of NAHREP
SOURCE: HWP SURVEY
 STATE OF HISPANIC WEALTH REPORT

6 SAVINGS, INVESTMENTS, Knowledge gaps are a primary driver of Latinos are more likely to invest in

AND THE DIVERSIFICATION stock-based investment hesitation: For cryptocurrency: Nearly a third (29.9 percent)

OF ASSETS NAHREP members who do not invest in either of NAHREP members invest in cryptocurrency,
a retirement or brokerage account, a lack of a surprisingly high number considering only
Goal: Raising the Latino retirement account investment knowledge is the most common 11 percent of adults in the U.S. invest in
participation rate to 37 percent or more roadblock (27.3 percent). Among non-investors, cryptocurrency.12 The majority (69.7 percent)
78.8 percent are homeowners and 39.4 percent report learning about it from a friend or
The lack of asset diversification among the
are investment property owners, which signals family member.
Latino community has worsened in recent
a proclivity toward more intuitive and familiar
years, posing long-term risks for the broader Prepared for emergency, but unprepared
assets, such as real estate.
Latino population. Today, only 25.5 percent for wealth transfer: A lion’s share of NAHREP
of Latinos invest in a retirement account.11 In
NAHREP MEMBERS: INVESTING members (85.3 percent) have cash set aside
response, NAHREP has concentrated efforts to
IN THE STOCK MARKET for emergencies, future investments, and other
provide education around asset diversification, planned expenses, and over half (54.4 percent)
NAHREP has focused efforts to boost
retirement account participation
stock market investments, future planning, and of those that have cash set aside have at least
a mature understanding of wealth. $25,000 in liquid savings. While NAHREP
members have savings and investments, their
NAHREP members are diversified:
wealth is unprotected by an estate plan. Despite
Accordingly, three-quarters (74.7 percent) of
above-average asset ownership rates, only 36.8
NAHREP members invest in a retirement or
percent of NAHREP members have an estate
brokerage account, significantly outpacing the 74.7% plan in place.
general Latino population. Asset diversification
is directly tied to household wealth. More than
half (56.4 percent) of NAHREP members who
invest in the stock market have a net worth of
$500,000 or more, compared to 38.8 percent of
OF NAHREP MEMBERS
those who don’t. INVEST IN A RETIREMENT OR
BROKERAGE ACCOUNT
SOURCE: HWP SURVEY

CONCLUSION
The future of the U.S. economy falls squarely on the shoulders of U.S. Latinos. Latinos are predicted to account for more than half (53.1 percent)
of new household formations over the next 20 years, while non-Hispanic White household formations decline.13 Between now and 2060, Latinos
will make up 68 percent of the U.S. population growth14 and 64.8 percent of labor force growth over the next ten years.15 Bridging the wealth gap is
imperative to long-term U.S. economic growth.

NAHREP is a Latino business organization that has made financial education and wealth creation primary objectives. For that reason, NAHREP serves
as a unique case study for the broader Latino population. Networks can also serve as incubators for what can be achieved for the overall population.
The Hispanic Wealth Project has supported the idea that real estate professionals are influencers. The average NAHREP member connects with more
than 1000 people in their professional network. By adopting a deliberate and disciplined approach to wealth building principles, NAHREP members
have the collective capacity to positively influence millions of people in their respective communities.

Considering that NAHREP members are trained in the business of buying and selling real estate, it is not surprising that they are almost twice as likely
to be homeowners. The survey also shows that the wealth of NAHREP members is also more diversified than the overall Latino population, which
suggests a more sophisticated approach to wealth building. By embedding culturally relevant financial education, creating spaces for individuals to
mastermind around wealth creation, NAHREP has created a movement around wealth building that can have the ripple effects needed to make larger
leaps forward in bridging the Latino wealth gap in America.
 STATE OF HOUSEHOLD WEALTH

THE GOAL OF TRIPLING HISPANIC HOUSEHOLD WEALTH 7

$36,050

$22,040*

2016 2019

$15,150** 2013 $45,450

2024 GOAL $

*INFLATION-ADJUSTED TO 2019 DOLLARS.

SOURCE: FEDERAL RESERVE

STATE OF HOUSEHOLD WEALTH

HISPANIC WEALTH PROJECT GOAL: To triple median household

wealth by 2024, from $15,150 to $45,450.

LATINO WEALTH HAS MORE THE WEALTH GAP 2020 and 2021, the next iteration of the Survey of

THAN DOUBLED SINCE 2013 Latino and Non-Hispanic Consumer Finances is poised to show that Latino
White Households 2019
median household wealth increased substantially
Following the Great Recession when Latinos during the pandemic. However, while net worth
lost up to two-thirds of their household wealth, for Latino households is climbing, the wealth gap
Non-Hispanic White
the Hispanic Wealth Project set a goal to triple between Latinos and their non-Hispanic White
median household wealth by 2024. Inching
$189,100
counterparts remains substantial.
closer toward the finish line for this goal,
significant strides have been made. Increasing LACK OF ASSET
$153,050

homeownership rates, real estate investments, DIVERSIFICATION POSES

and entrepreneurial activity have more than LONG-TERM RISKS
doubled Latino household wealth since 2013,
Latinos were hit explicitly hard during the
significantly outpacing other demographic
Great Recession, in large part due to their lack
groups. Latino household wealth has increased
of asset diversification outside of real estate
by 138 percent between 2013 and 2019,
investments. Today, diversification within the
compared to a 36 percent increase for the
Latino Latino community has not improved significantly,
overall population. As of 2019, the most recent
$36,050 over-exposing them to long-term market risks.
data available showed Latinos held a median net
Latinos have the lowest participation rate of any
worth of $36,050.16 With a sharp rise in home
demographic in retirement accounts, stocks,
equity and higher homeownership rates in both
bonds, and pooled investments.17

SOURCE: FEDERAL RESERVE

 STATE OF HISPANIC WEALTH REPORT

8 The low Latino retirement account participation

NAHREP MEMBER The vast majority (86.1 percent) of NAHREP
rate is markedly concerning, as it has trended
INSIGHTS members own real estate, while 68.6 percent
downward over the last decade. own their own businesses, and 70.2 percent
The National Association of Hispanic Real invest in a retirement account, all of these
LATINO YOUTH AND factors contribute to their high net worth.
Estate Professionals (NAHREP) is the largest
LABOR OFFER ECONOMIC
Latino business organization in the country,
INFRASTRUCTURE Unsurprisingly, NAHREP members who own
composed of lenders, real estate agents, and
investment properties and those with a
With a median age of 3018, most Latinos are settlement and insurance agents, along with
scaled business, hold the most wealth. About
still approaching their peak wealth building ancillary professionals within the real estate
two-thirds (64.2 percent) of scaled business
years. Age undoubtedly plays a role in net industry. Given the success of the real estate
owners and 44.3 percent of investment property
worth, as older individuals benefit both from industry over the past years, NAHREP members
owners have a net worth of at least $1 million.
longer time in the workforce and more time benefit both as industry professionals and

for assets to appreciate in value. When looking real estate investors. They also own a
UNDERSTANDING NAHREP
at adults under the age of 35, the Latino/ diverse set of financial assets, including
MILLIONAIRES
non-Hispanic White wealth gap ratio is cut by stock-based investments.

half.19 Additionally, Latinos have contributed to Nearly two-thirds (62.7 percent) of NAHREP

the overwhelming majority (80.8 percent) of

NAHREP OUT-INDEXES members with a net worth of $1 million or more

U.S. labor force participation growth over the IN HIGH NET WORTH have a bachelor’s degree or higher, compared to

past decade , an outsized role that underscores

20 INDIVIDUALS 49.4 percent of members overall. Nearly all

the extent to which continued economic growth (99.3 percent) own real estate and 88.6 percent
With an ethos rooted in wealth creation through
relies on Latinos. are investment property owners. For those who
real estate acquisition, entrepreneurship, and
own investment property, nearly one-third
2021 MARKED RECORD GAINS asset diversification, more than three-quarters
(30.3 percent) own six units or more. Additionally,
FOR REAL ESTATE INDUSTRY (80.8 percent) of NAHREP members have a net
82.0 percent invest in a retirement or brokerage
worth of at least $150,000, more than 4 times
account, compared to 74.7 percent of
The pandemic exacerbated wealth disparities the median net worth of Latinos across the U.S.,
members overall.
between those who owned assets and those with 29.4 percent reporting a net worth of at
who did not. Nearly half (49 percent) of least $1 million.
low-income households reported enduring
employment or income loss at the beginning
NAHREP MEMBERS: NET WORTH
of the pandemic.21 At the same time, a new NAHREP members out-index in high net worth individuals
billionaire was created every 30 hours
worldwide over the last two years.22 Wealth
appreciation was especially pronounced for
80.8% HAVE A NET WORTH OF
$150,000+
those who owned real estate. In Q3 of 2021, the
average annual gain in home equity was $56,700
per homeowner, the largest annual gain in 4 OUT OF 5
more than 11 years, and more than three times
that of the previous year.23 In 2021, there was
$4.8 trillion in loan origination volume, up 33.8
percent from 2020. Home purchase originations 29.4% HAVE A NET WORTH OF
alone reached $1.9 trillion, an annual increase $1 MILLION+
of 16.2 percent.24 Driven by historic low interest
MORE THAN 1 OUT OF 4
rates, the industry experienced one of the most
profitable refinance booms and real estate SOURCE: HWP SURVEY

markets in history.
 STATE OF HOUSEHOLD WEALTH

NAHREP MEMBERS: HOUSEHOLD INCOME Despite market changes, NAHREP members 9

NAHREP members classify as high income households remain optimistic. More than half (53.4 percent)
expect their household income to increase
in 2022, while only 15.6 percent expect their
income to decrease. Foreign-born members
are the most optimistic, with 58.9 percent

89.2% 55.9% 14.7% expecting their incomes to increase, compared

to 49.5 percent of U.S.-born members.

However, optimism does vary by profession.

Mortgage lenders, who benefited greatly from

EARN $60,000+ EARN $150,000+ EARN $400,000+ low interest rates and a booming refinance
market in 2021, are less optimistic that their
SOURCE: HWP SURVEY 2022 incomes will either stay the same or
increase. Only 37.2 percent of mortgage lenders

NAHREP MEMBERS CLASSIFY NATIVITY’S RELATION TO expect their incomes to increase in 2022,

AS HIGH-INCOME EARNERS WEALTH BUILDING compared to 59 percent in real estate sales.

Conversely, nearly a third of mortgage lenders
While Latinos overall have a median household Foreign-born members have higher rates (30.2 percent) expect their income to decline.
income of $55,000,25 nearly all (89.2 percent) of homeownership, investment property
NAHREP members have an annual income of ownership, and entrepreneurship, but are less NAHREP MEMBERS:
at least $60,000. More than half (55.9 percent) likely to invest in the stock market. They also FOREIGN-BORN VS. U.S.-BORN
earn at least $150,000 and 14.7 percent earn tend to be more educated, but generally have
$400,000 or more. However, NAHREP member lower household incomes. While incomes Have a bachelor’s
54.1% degree or higher 46.5%
incomes vary by profession. Mortgage lenders are lower, their net worth is higher. Foreign-
in the NAHREP network report the highest born entrepreneurs in the NAHREP network
Have an income of
household incomes, with nearly one in four are significantly more likely to access small 53.7% $150,000 or more 57.8%
(24.6 percent) earning at least $400,000. In business loans, rather than relying on personal
comparison, one in ten (10.5 percent) of those in credit to fund their businesses. Overall,
Have a net worth of
real estate sales earn a household income at or immigrants in the network are more optimistic 31.7% $1 million or more 27.5%
above $400,000. about their future financial standing.

NAHREP member income distributions also vary DESPITE MARKET CHANGES, 89.3% Own real estate 84.4%
by gender, nativity, and region. Men are more NAHREP MEMBERS
likely to report ultra-high household incomes, REMAIN OPTIMISTIC
Own an investment
with 19.6 percent earning at least $400,000, 63.3% property 55.3%
compared to 11.3 percent of women. Foreign- The real estate market is projected to cool off

born NAHREP members have slightly lower from its record 2021 highs, given rising interest

incomes than their U.S.-born counterparts, with rates and continued low housing supply. Home 69.6% Are business owners 67.8%
53.7 percent earning a household income of sales are predicted to drop from 6.9 million

$150,000 or more, compared to 57.8 percent of in 2021 to 6 million in 2022 and 5.4 million in
Invest in the stock
U.S.-born members. Geographically, NAHREP’s 2023.26 By 2023, interest rates are predicted 68.6% market 78.9%
Midwest region reported the highest incomes, to reach upwards of 5 percent, cutting some

a region that houses a large concentration of potential buyers out of the market.27 Despite the Foreign-Born U.S-Born

members from the Chicago area. Comparatively, expected market dip, 2022 is still predicted to
SOURCE: HWP SURVEY
the Mountain region reported the be the second highest sales year since 2007.28

lowest incomes.d

d
A geographical breakdown of NAHREP’s regions is available at: [Link]
 STATE OF HISPANIC WEALTH REPORT

10 FAST FACTS: BENCHMARKING

NAHREP MEMBERS TO
LATINOS OVERALL
NAHREP MEMBERS LATINOS IN THE U.S.

AGE 44
Median age
30
Median age

EDUCATION 49.4%
have a bachelor’s degree or higher
19.0%
have a bachelor’s degree or higher

HOUSEHOLD INCOME 89.2% $55,000

have a household income of median household income
at least $60,000

NET WORTH 29.4%

have a net worth of $1 million or more
3%
have a net worth of $1 million or more

NATIVITY STATUS 59.8% are U.S.-born

47.9% are U.S.-born

HOMEOWNERSHIP RATE 86.1%are homeowners

48.4%are homeowners

INVESTMENT PROPERTY
OWNERSHIP 58.7%
own an investment property
8.4%
own an investment property

SELF-EMPLOYMENT 68.2%are self-employed

10.6%are self-employed

EMPLOYER BUSINESSES 31.5%

of business owners have
9%
of business owners have at
at least one employee least one employee

SCALED BUSINESSES 11.8%

of businesses have an annual revenue
3%
of businesses have an annual revenue
of $1 million or more of $1 million or more

INVEST IN A
RETIREMENT ACCOUNT 70.2%
invest in a retirement account
25.5%
invest in a retirement account

SOURCES: 2022 STATE OF HISPANIC WEALTH REPORT SURVEY, FEDERAL RESERVE, MCKINSEY & COMPANY,
STANFORD LATINO ENTREPRENEURSHIP INITIATIVE, AND U.S. CENSUS BUREAU.
 HOMEOWNERSHIP

HOMEOWNERSHIP 11

COMPONENT GOAL 1: Increase home equity wealth by achieving

a Hispanic homeownership rate of 50 percent or greater.

OWNING REAL ESTATE create a sudden spike in overall Latino Homeownership can have fundamental

HAS BECOME BOTH MORE household wealth. In order to close the wealth implications for bridging the wealth gap.

PROFITABLE AND MORE gap, homeownership opportunities must be Based on Federal Reserve data, the wealth

EXCLUSIVE accessible to Latino families. gap narrows considerably when comparing

homeowners of different racial and ethnic
The concept that “homeownership is the HOMEOWNERSHIP, PIVOTAL backgrounds. Overall, Latinos have a median
gateway to the middle class” is rooted in the TO WEALTH CREATION net worth of $36,050, compared to $189,100
notion that working-class individuals have the for non-Hispanic White households. However,
In June 2022, average home prices grew by 18.3
ability to build generational wealth through Latino homeowners stand at a $171,900
percent, marking the 125th consecutive month
their homes. The equity that grows through median net worth, compared to $299,900 for
of year-over-year increases.32 Today, the median
appreciating home values is a seed that, when non-Hispanic White homeowners.
sales price for a single-family home in the U.S.
planted, can catapult gardeners, teachers,
is $440,300, a figure that has not declined since
firefighters, restaurant workers, and other
2009.33 The average annual equity gain was
working-class individuals into a position where
$55,300 per borrower at the end of 2021, more
they can pass wealth on to the next generation.
than twice that of 2020.34
One-third of existing wealth among the Latino
community can be attributed to home equity,
the largest share of any asset category
HOMEOWNERSHIP NARROWS
THE WEALTH GAP Non-Hispanic White
for Latinos.29 $299,900
Today, 48.4 percent of Latinos are homeowners,
1.7X

a rate that has steadily increased for the past

seven years.30 In 2021, 735,138 home purchase
loans were originated to Latinos, which marked Non-Hispanic White
a 13.7 percent increase from the previous year. $189,100 Latino
Growth in home purchase originations was $171,900
most pronounced in the Northeast region,
growing by 26.8 percent year-over-year. The
5.2X

smallest increase came from the Mountain

region, which only grew by 6.7 percent.31

The HWP’s goal of tripling median household

wealth relies on Latinos reaching a 50 percent
Latino
homeownership rate, a critical juncture where
$36,050
the median Latino household would be an
owner-household. With the understanding OVERALL HOUSEHOLDS HOMEOWNERS
that Latino homeowners have 28 times the
wealth of Latino renters, reaching that 50
percent homeownership threshold should SOURCE: FEDERAL RESERVE
 STATE OF HISPANIC WEALTH REPORT

12 HOUSING INVENTORY RISING INTEREST RATES

POSES GREATEST RISK TO EXACERBATE AFFORDABILITY DID YOU KNOW?
HOMEOWNERSHIP GROWTH PROBLEMS Latinos were responsible for more
than half (51 percent) of U.S.
The supply of entry-level housing remains Tight housing supply has created an population growth and more than
the greatest threat to advancing sustainable unprecedented home price appreciation rate. one-third (36 percent) of household
Hispanic homeownership. A lack of housing While CoreLogic predicts that home price formation growth over the past 10 years.
inventory creates an ecosystem marked by appreciation will continue to slow from the 20
competition, as multiple consumers bid for percent annual peak reached in March 2022,
the same property. As a result, home prices price gains are expected to remain positive.38 To
increase, advantaging cash buyers. Freddie
HOMEOWNERSHIP GAP
make matters worse, interest rates have soared
Mac estimated that in 2020, the U.S. was short
REMAINS SIZEABLE
as high as 5.8 percent in June of 2022, rates
3.8 million housing units relative to demand, unseen since 2008.39 With the rise in interest The future of the real estate market depends
a gap 52 percent larger than two years prior. 35
rates, borrowers are now further restricted on the ability of Latino households to drive
A [Link]® analysis estimates the gap has from the number of homes they can afford. homeownership growth. While Latinos have
since reached 5.24 million units.36 Additionally, The second quarter Latino homeownership seen consistent homeownership growth
nine of the top ten metropolitan statistical rate reaffirmed the added barrier rising interest year-over-year since 2014, a persistent
areas (MSAs) exhibiting the highest rate rates are imposing on prospective Latino homeownership gap exists between Latino
of housing underproduction have a Latino homebuyers. The Latino homeownership rate and non-Hispanic White households. Latinos
population above the national average, while dipped to 48.3 percent in Q2, below the 2021 are predicted to account for more than half
seven out of ten have a Latino population above annual homeownership rate.40 (53.1 percent) of new household formations
40 percent.37 between 2020 and 2040, while non-Hispanic
White household formations are expected to
decline.41 Bridging the Latino/non-Hispanic
HOMEOWNERSHIP GAP BY RACE AND ETHNICITY White homeownership gap will be crucial to the
National Homeownership Rates 2000 - 2021 national U.S. homeownership rate.

Non-Hispanic White General Population Non-Hispanic Black Hispanic In 2021, the Latino homeownership rate
80 reached 48.4 percent, an increase of nearly
one percentage point from 2019, but still 25.7
70
percentage points lower than their non-Hispanic
60 White counterparts.42 While even modest
PERCENT

homeownership gains are significant, especially

50
given the immense population growth and

40 disproportionate rates of household formations

among the Latino population, the gap has yet
30 to narrow significantly. However, age is
2021*
2000

2004

2008
2006

2009

a key driver of the homeownership gap.

2005
2002
2003

2007
2001

2010

2018
2014

2016
2013

2019
2012

2015

2017
2011

When comparing adults under the age of 30,

*DATA REPORTED BY THE U.S. CENSUS BUREAU IN 2020 WAS OMITTED DUE TO METHODOLOGICAL
CHANGES IN DATA COLLECTION DURING THE PEAK OF THE PANDEMIC. the gap nearly closes, narrowing by 18.8
SOURCE: U.S. CENSUS BUREAU percentage points.43
 HOMEOWNERSHIP

REAL ESTATE IS AN ASSET NAHREP MEMBERS: HOMEOWNERSHIP RATE 13

LATINOS UNDERSTAND

86.1%
NAHREP members are predominantly homeowners, nearly twice the rate of Latinos overall

Latinos have historically had a strong desire

to become homeowners, as real estate
is a tangible asset that can be intuitively

48.4%
understood and has immediate utility.
That enthusiasm spills over to purchasing
NAHREP
investment properties and second homes, MEMBERS
albeit sometimes at the expense of other
assets. According to the Federal Reserve,
8.4 percent of Latino households own an LATINOS
investment property. Not only is this rate
OVERALL
growing, but between 2010 and 2019, Latinos
increased their investment property ownership
rate by 24.2 percent. During that same period,
the non-Hispanic White, non-Hispanic Black,
SOURCE: HWP SURVEY
and the general population all experienced a
decrease in investment property ownership.44

According to Fannie Mae’s National Housing NAHREP MEMBER MOST NAHREP MEMBERS
Survey, Latino sentiment surrounding real
INSIGHTS: ARE “SMALL LANDLORDS”
estate as a means of building wealth remains
high, with 80 percent of Latinos reporting NAHREP MEMBERS HAVE NAHREP members are predominantly mom-and-

they would be better off owning a home than AN OVERWHELMINGLY HIGH pop investors, owning just one (39.5 percent)

renting. However, only a small percentage of HOMEOWNERSHIP RATE or two (25.1 percent) investment properties.

Latinos believe now is a good time to buy a However, a sizable portion (18.7 percent) own
Given that NAHREP members are real estate 5 units or more. Many are relatively newer
home, given the current state of the market. In
professionals, it is not surprising that the investors, with 41 percent having bought their
July 2022, only 11 percent of Latinos believed it
majority are both homeowners and investment first investment property less than 5 years
was a good time to buy, the lowest rate since
property owners. These two factors play a ago. This is especially true among foreign-born
2011, and the lowest of any demographic.45
significant role in their relatively above average members, with 47.7 percent having purchased
NAHREP MEMBERS: net worth. Nearly all NAHREP members are less than 5 years ago, compared to 35.8 percent
INVESTMENT homeowners, with 86.1 percent owning some of U.S.-born members.
PROPERTY RATE form of real estate, almost twice the overall
NAHREP members are small landlords homeownership rate for Latinos across the Over half (59 percent) of NAHREP investors

U.S. Additionally, more than half of NAHREP overall bought their first investment property

members overall (58.7 percent) own an at least 5 years ago, and a quarter (25.3 percent)

investment property outside of their primary are seasoned real estate investors, having

residence, nearly seven times the rate of owned their investment properties for more

Latinos overall. Additionally, foreign- than 15 years. Investors that have owned their

58.7%
born members have some of the highest properties longer naturally hold more equity. In

homeownership rates at 89.3 percent, while Q1 of 2022, home equity in the U.S. reached a

63.3 percent own investment property. record $27.8 trillion, more than double what it

own an investment was 15 years prior, catapulting wealth creation

property as a result.46

SOURCE: HWP SURVEY

 STATE OF HISPANIC WEALTH REPORT

14 INVESTORS RELY ON commercial properties (13.7 percent). A small NEARLY ALL NAHREP
NETWORKS AND BUY IN percentage invest in mixed-use properties MEMBERS PLAN TO BUY AN
LOCAL COMMUNITIES (8.1 percent), reflecting the limited zoning for INVESTMENT PROPERTY
mixed-use spaces.
Over half of NAHREP members own investment Regardless of their current ownership status,
properties in the city or county where they Rental property strategies vary quite more than half of NAHREP members overall
live (57.7 percent), an indication that they are dramatically by region for NAHREP members. In (60.7 percent) plan to buy an investment
more comfortable investing and managing the Midwest region, 97.7 percent of investment property or additional properties in the next
properties in communities that they know. property owners rent their properties out long- 12 months, while nearly all (87.0 percent) plan
However, nearly a third (30.1 percent) invest term, while in the Mountain region, short-term to buy in the next 5 years. NAHREP’s Midwest
throughout their state. A smaller percentage rentals, such as Airbnb, are more popular (29.7 region is seeing the most immediate investment
purchase investment properties in multiple percent). Members in the Northeast region activity, with 70 percent of members actively
states (22 percent) or purchase internationally are far more likely to rehabilitate and resell looking to buy an investment property within
(10.1 percent). properties, with 38.5 percent of NAHREP real a year.
estate investors in the region having flipped at
Accordingly, NAHREP members tend to use their least one property. PLANS TO BUY:
own friends and networks to find investment INVESTMENT PROPERTIES
properties (69.2 percent). Trade associations, DOWN PAYMENT IS MOST
such as NAHREP, provide a platform for COMMON REASON FOR NOT ACTIVELY LOOKING TO BUY
WITHIN THE NEXT 12 MONTHS
members to engage with each other and share OWNING A HOME
resources. Other popular avenues for finding
A smaller subset of NAHREP members (13.9
29.6%
9.7%
60.7%
new investment properties are real estate
percent) do not own any real estate. These
agents (45.3 percent), the Multiple Listing
members tend to skew younger, have achieved
Service (MLS) (37.5 percent), and general online
lower levels of education, and have a lower Yes
platforms (27.9 percent). No
household income than NAHREP homeowners. I don't know

INVESTMENT PORTFOLIOS With a median age of 39, only 36.7 percent

MOSTLY CONSIST OF have a bachelor’s degree or higher, and 41.3

PLANNING TO BUY WITHIN
SINGLE-FAMILY, LONG-TERM percent have an annual household income of
THE NEXT 5 YEARS
RENTALS less than $60,000. While these financial figures
6.7%
are higher than that of Latinos overall, they are 6.3%
An overwhelming majority of NAHREP significantly lower than those of 87.0%
members purchase single-family properties NAHREP homeowners.
(83.5 percent) with the intention to rent these
out as long-term rentals (88.4 percent). Just When asked what their primary reasons were
for not buying a home, the most common Yes
under one-third, 29.4 percent, buy properties No

to rehabilitate and resell, or “buy and flip.” reasons were not having enough money saved I don't know

A smaller percentage of NAHREP investors use for a down payment (16.1 percent) and not

their properties as short-term rentals, only being able to afford the house or neighborhood
SOURCE: HWP SURVEY
19 percent. they desired (15.2 percent). These justifications
are consistent with the overall experience of
While single-family properties are notably the Latinos in low housing supply environments.
most popular, a sizable number of members
buy multi-family buildings (38.7 percent) or
 ENTREPRENEURSHIP

ENTREPRENEURSHIP 15

COMPONENT GOAL 2: Increase the wealth generated from small

businesses by increasing the number of Hispanic-owned employer
firms to 400,000 or greater.

THE STATE OF LATINO $1 million or more in annual revenue. The goal LATINO-OWNED
ENTREPRENEURSHIP is to convert more of the emerging number EMPLOYER FIRMS
2019
of Latino small businesses into larger, more
Entrepreneurship and business ownership established firms, maximizing wealth building
offer individuals an opportunity to expand potential, stimulating job creation, and spurring

4.6%
their income, live creatively, and establish local economic growth. According to the U.S.
greater autonomy over their lives. But more Census Bureau, there are 346,836 Latino- INCREASE
importantly, small business ownership has owned employer firms as of 2019, a 4.6 percent
substantial implications on wealth creation. increase from the previous year.49 While the
Latino business owners have a median net goal for Latino-owned employer firms is close

346,836
worth of $174,920, five times the median net to being met, only three percent of Latino
worth of Latinos overall.47 Over the past decade, businesses have scaled.50
the number of Latino businesses have increased
by 44 percent, outpacing that of non-Latino More broadly, Latino firms represent 6 percent SOURCE: U.S. CENSUS BUREAU

businesses, a promising statistic.48 of all employer firms and employ 2.9 million
people.51 The number of employees in Latino-
A WAVE OF NEW LATINO
The motivation behind the HWP’s goal to owned businesses has grown by 53.6 percent
ENTREPRENEURS
increase the number of Latino-owned employer since 2007, significantly outpacing job creation
firms to 400,000 or greater stems from by non-Hispanic White employer businesses, In what has been coined “the Great Resignation,”
the belief that employer firms are often the which has grown by only 9.8 percent during that 47.8 million people voluntarily left their jobs
precursor to scaled businesses, those earning same time period.52 in 2021.53 Latinos were more likely than other
demographics to voluntarily leave for better
opportunities. One in four Latino adults
(24 percent) resigned in 2021, compared to
RATE OF NEW ENTREPRENEURS BY RACE AND ETHNICITY 17 percent of non-Hispanic White workers.54
1996 -2021
While job departures are slowing down, the

Latino General Population Asian Black motivations behind the Great Resignation
continue to take effect, especially for Latinos.
0.6
Many who quit their jobs in 2021 left to start
0.5
their own businesses. About 5.4 million new
0.4 business applications were submitted in 2021,
PERCENT

a 23 percent increase from 2020 (4.3 million)

0.3 and 53 percent from 2019 (3.5 million).55
Much of this growth is attributed to Latinos.
0.2
According to the Kauffman Indicators of
0.1 Entrepreneurship, between 2020 and 2021,
Latinos saw the highest increase in the rate
2000

2004

2008
2006

2009
2005
2002
2003

2020
2007
2001

2010

2018
1998

2014
1999
1996

2016

2019
2013
2012

2015

2021
1997

2017
2011

of new entrepreneurs, while the general

population experienced a decrease. Latinos
SOURCE: KAUFFMAN INDICATORS OF ENTREPRENEURSHIP
have continuously held the highest rate of new
 STATE OF HISPANIC WEALTH REPORT

16 entrepreneurs in the Kauffman index for the sector are Latino-owned, making it the number
NAHREP MEMBER
past two decades. one industry for Latino-owned employer firms.63
INSIGHTS
56

The Latino entrepreneurial spirit is also In that same vein, real estate is the
NAHREP IS A NETWORK OF
evidenced in their widespread participation fourth fastest-growing industry for Latino
ENTREPRENEURS
in the gig economy. Nearly one-third (30 entrepreneurs.64 In 2019, there were 13,184
percent) of Latinos report having performed Latino-owned employer businesses in real NAHREP is a network of individuals within the
work through an online platform, compared estate, including rental and leasing.65 Overall, real estate industry united under a common
to only 12 percent of non-Hispanic White Latinos represent 15 percent of real estate mission — advancing sustainable Hispanic
workers.57 Of note, in 2019, the top industries professionals industrywide, working in real homeownership. They are essentially in the
that experienced gig economy growth were real estate sales, property management, appraisals, business of wealth creation.
estate and property management, generating and other fields.66
$15.1 million in revenue.58 The majority of NAHREP members (68.6
percent) own a business. This is inclusive of
ACCESS TO CAPITAL independent contractors and those with a side
REMAINS A CHALLENGE business outside of their primary source of
LATINOS IN income. However, while most are entrepreneurs,
Latino-owned businesses continue to face REAL ESTATE most do not have employees. More than half
challenges securing the capital they need LATINOS MAKE UP: (58.3 percent) of NAHREP business owners are
to grow and scale, despite their growing

12.1%
sole proprietors or independent contractors,
economic potential. According to the Stanford
while 10.2 percent employ only a spouse
Latino Entrepreneurship Initiative (SLEI),
or child.
Latino business owners are 60 percent less
likely to receive approval for a $100,000 loan OF REAL ESTATE BROKERS
AND SALES AGENTS
MOST NAHREP
when compared to their non-Hispanic White ENTREPRENEURS ARE
counterparts.59 If Latino-owned businesses SEASONED PROFESSIONALS

11.4%
were funded at the same rate as non-Hispanic
White owned businesses, they could potentially Over half (51.2 percent) of NAHREP business

produce an additional $3.3 trillion in revenue by owners started their businesses more than six

2030.60 Unfortunately, Latino-owned businesses OF PROPERTY AND COMMUNITY years ago, enough time for most to establish a
ASSOCIATION MANAGERS
access venture capital at an even lower rate. cadence to the management of their businesses.
Nearly one in four (24.9 percent) NAHREP

12%
Less than 1 percent of venture capital and
private equity investor funding goes to Latino- businesses have been operating for at least

owned businesses.61 15 years.

REAL ESTATE IS THE OF CREDIT COUNSELORS

AND LOAN OFFICERS
However, a sizable number (about 17.4 percent)

FOURTH FASTEST started their business during the pandemic,

GROWING INDUSTRY adding to the wave of businesses that have

developed over the last couple of years. This
SOURCE: BUREAU OF
Real estate and housing play a pivotal role in LABOR STATISTICS segment of NAHREP business owners tends to
Latino entrepreneurship. Latino entrepreneurs skew younger and are more likely to be from
are building businesses across the entire NAHREP’s Midwest region.
industry, from the construction of new homes
to real estate sales transactions. In the
construction industry alone, there are 56,832
Latino-owned employer firms.62 Approximately
16 percent of employer firms in the construction
 ENTREPRENEURSHIP

MORE LIKELY TO BE High net worth individuals in the NAHREP 17

EMPLOYER BUSINESSES network own well-established, scaled
businesses. The vast majority (80.7 percent) of
The measure of employer firms substantiates scaled business owners have been operating for NAHREP EMPLOYER
BUSINESSES ARE

5.7X
the likelihood of scaled businesses within the at least six years, while 45.2 percent have been
NAHREP network. As such, 31.5 percent of the in business for 15 years or more. This translates
entrepreneurs within the NAHREP network are into significant wealth gains. Over half (64.2
considered employer firms, compared to only 6 percent) of scaled business owners in the
percent of Latino-owned businesses overall.67
MORE LIKELY TO BE SCALED
NAHREP network have a net worth of $1 million THAN NON-EMPLOYER
or more, compared to 33.3 percent of NAHREP BUSINESSES
Most NAHREP employer businesses have
business owners overall.
only a handful of employees. The majority
(68.2 percent) of employer businesses within
LESS DIVERSIFIED THAN SOURCE: HWP SURVEY
the NAHREP network have fewer than five
NON-BUSINESS OWNERS
employees. This is most pronounced among
those in real estate sales (78.7 percent). NAHREP business owners are more likely to own brokerage accounts only make up for part of this
an investment property outside of their primary difference. While NAHREP business owners are
NAHREP BUSINESS OWNERS residence when compared to non-business more likely to own a brokerage account (30.7
ARE MORE LIKELY TO BE owners, at 63.0 percent and 48.5 percent, percent compared to 23.2 percent), business
SCALED respectively. This is most pronounced among owners are still 8.3 percent less likely to invest
those with scaled businesses, with 80 percent in either a retirement or brokerage account,
Reflecting the higher rate of employer firms,
owning at least one investment property. compared to their non-business
11.8 percent of NAHREP businesses are scaled,
owner counterparts.
significantly higher than the percentage of NAHREP business owners, however, are 13.3
Latino entrepreneurs overall. To underscore the percent less likely than non-business owners
correlation between employer firms and scaled to invest in a retirement account, with 66.9
businesses, NAHREP employer businesses percent of business owners investing in a
are 5.7 times more likely to be scaled than retirement account, compared to 77.2 percent
non-employer businesses. of non-business owners. Non-retirement

A LOOK AT
NAHREP ENTREPRENEURS
% OF NAHREP BUSINESSES

SOLE PROPRIETORS &

INDEPENDENT CONTRACTORS 58.3%
EMPLOYER BUSINESSES
31.5%
SCALED BUSINESSES
REVENUE OF $1 MILLION OR MORE
11.8%
SOURCE: HWP SURVEY
 STATE OF HISPANIC WEALTH REPORT

18 PREDOMINANTLY USED Among NAHREP business owners, only a small NAHREP ENTREPRENEURS
PERSONAL SAVINGS TO percentage used institutional funding sources, STAY OPTIMISTIC
START BUSINESSES such as small business loans (4.6 percent), with
a small 8.2 percent increase among NAHREP For the most part, NAHREP members are
Almost all (91.1 percent) of NAHREP employer businesses. Foreign-born individuals confident that they are at least somewhat
entrepreneurs used their personal savings to are more likely to access small business loans prepared for a recession, with 67.7 percent
start their businesses, with 21 percent having in comparison to U.S.-born individuals, at 6.5 reporting feeling either very or somewhat
used credit cards. This is reflective of the percent and 3.5 percent, respectively. Scaled prepared. Regardless of market swings,
overall population of Latino business owners. businesses were 44.4 percent more likely to NAHREP business owners are determined
In SLEI’s latest survey, personal and family use more formal streams of funding, such as to expand their business ventures. Among
savings was the most used funding source at small business loans, as opposed to non-scaled existing business owners, 39.4 percent plan to
31 percent, followed by business credit cards at business owners, at 6.5 percent and 4.5 start a new or additional business in the next
25 percent. However, foreign-born NAHREP
68
percent, respectively. While scaled business 12 months, while 55.6 percent plan to start
entrepreneurs were less likely to use credit owners were more likely to have accessed small one in the next five years. For non-business
cards to fund their business, despite having business loans, these still made up a relatively owners, one in four (25.2 percent) are planning
comparable credit scores to their U.S.-born small portion of their business funding. to start a business in the next 12 months, and
counterparts. Only 15.8 percent of foreign-born 43.1 percent plan on starting one in the next
business owners relied on credit cards to fund five years.
their business, compared to 24.5 percent of U.S.
born members.

NAHREP MEMBERS: PLANS TO START A BUSINESS

Existing business owners plan to start a new or Non-business owners plan to start a
additional business in the next... business in the next...

12 MONTHS 5 YEARS 12 MONTHS 5 YEARS

12.2%
25.2% 21.6%
43.1% 14.2%
39.4% 8.0%
55.6%

26.39%

46.35%
35.3%
62.6%
Yes
No
I don't know

SOURCE: HWP SURVEY

 SAVINGS AND INVESTMENTS

SAVINGS AND INVESTMENTS 19

COMPONENT GOAL 3: Increase the wealth created from savings

and investments by raising the percent of Hispanics who own a
retirement account to 37 percent or greater.

LATINO INVESTMENTS LATINOS CONTINUE TO SAVING FOR RETIREMENT

IN RETIREMENT ARE RESIST STOCK-BASED IS NOT A TOP PRIORITY
DWINDLING INVESTMENTS FOR LATINOS OVERALL
Latino retirement account participation in While Latino retirement participation is low, Beyond access, there is a knowledge gap
the U.S. trails below the HWP’s goal. Only even fewer purchase stocks (4.3 percent) surrounding the importance of retirement
one in four (25.5 percent) Latino households through a brokerage account. The number of savings and its relation to wealth building
in the U.S. invests in a retirement account, Latinos who reported participating in bonds and in the Latino community. Among all income
the lowest among any demographic.69 pooled investments (i.e. mutual funds) were too groups, Latinos are the demographic most likely
While overall Latino household wealth and low to report on with statistical significance. 70
to report that retirement is not a priority.73
homeownership rates have been trending in Employee Benefit Research Institute (EBRI)
The reluctance to participate in stock-based
a positive direction, progress around savings research demonstrates that Latinos of both
investments may partly stem from a lack of
and investments has remained flat. Overall, higher and middle incomes prioritized helping
access. Latino households are 17 percent less
Latinos continue to lack asset diversification friends and family, and that women, across
likely than non-Hispanic White households
and under-participate in stock market-based all incomes, have significantly lower levels of
to have access to a retirement plan.69 Those
investments, disproportionately exposing retirement account participation than men.74
without access are less likely to seek an IRA
them to natural economic fluctuations. Prior
or similar private plan. In addition, private Given the youth of the Latino population
to the Great Recession, Latinos held a majority
retirement plans account for only 6 percent (median age of 30), it makes sense that planning
of their wealth in real estate, with far less
of Latino household wealth, compared to 22 for retirement would be downgraded to a lower
invested in the stock market. What is more
percent for non-Hispanic White households. 72
rung in the list of priorities. Additionally, the
alarming is that a decade later, signs point to
cost of housing and other lifestyle expenses
worsening levels of diversification. Since 2016,
have grown in recent years. In the U.S., 46
the Latino retirement account participation rate
percent of renters spent 30 percent or more
has decreased by 14.1 percent, the largest dip
of their earnings on housing, with 23 percent
among all demographic groups.
spending at least 50 percent. All of these
circumstances make it difficult for many
RETIREMENT ACCOUNT PARTICIPATION BY RACE AND ETHNICITY households to justify putting money aside for
Since 2016, the Latino retirement account participation rate has decreased by 14.1%, the largest among demographic groups. something so far away in the future.75
However, planning for the future through
60
retirement savings, preparing for unexpected
50
emergencies, and being mindful of the transfer
40 of wealth after death determine the ability
PERCENT

30 to build generational wealth and protect

31.5%
1.5% 30.8%
30.8% 29.7%
27 8%
27.8%
20 25.3% 25.1% %
25.5% households from the inevitable ebbs and flows
10 of life.
0
2001 2004 2007 2010 2013 2016 2019

Latino General Population Non-Hispanic White Non-Hispanic Black

SOURCE: FEDERAL RESERVE

 STATE OF HISPANIC WEALTH REPORT

20 NAHREP MEMBER Asset diversification is directly tied to

INSIGHTS “As the largest Latino business household wealth. More than half (56.4 percent)
organization, we inherent ly of those who invest in the stock market have a
get the power of building
NAHREP HAS PRIORITIZED net worth of $500,000 or more, as opposed to
generational wealth. Most
EDUCATING MEMBERS ON conversations I have with
38.8 percent without investments in the

ASSET DIVERSIFICATION NAHREP members consist of stock market.

masterminding strategies for
The lack of asset diversification among Latino business and wealth growth. THE MAJORITY OF
households and risks therein have been top We get that when our NAHREP MEMBERS MAKE
network succeeds, our
concerns of the NAHREP and the Hispanic
Latino community succeeds,
INVESTMENT SELECTIONS
Wealth Project. As Latinos are young, investing and when our Latino THEMSELVES
in long-term tax-advantaged retirement community succeeds, the
country succeeds.” Just over one-third (38.3 percent) of NAHREP
investments could determine their capacity to
members who invest report using a financial
close the wealth gap. NAHREP and the HWP
Luis Padilla, advisor to make investment selections, while
have doubled down on providing financial
RE/MAX Advance Realty,
the majority (58.4 percent) make selections
education to the NAHREP network, much of Miami, FL
themselves. Stock market investors within the
it focused on asset diversification, retirement
network want additional information to support
account participation, living below one’s
them in their investment decision making. Half
means, and stock market investing. Through
(49.3 percent) would find value in a workshop or
webinars, conferences, peer influence, and a
clear roadmap for wealth creation through the THREE-QUARTERS OF event focused on investing, while 38.7 percent

NAHREP 10 disciplines, building generational NAHREP MEMBERS INVEST would like access to a financial advisor. Only

wealth has become the ethos of the IN THE STOCK MARKET 26.6 percent indicated they had everything
they need or want when it comes to investing,
organization. NAHREP is leveraging its network
NAHREP members have a notably high rate of signaling that stock market education and
to create a ripple effect throughout Latino
stock-based investment participation, in line programs would be beneficial, even for those
communities around the country.
with the exposure to investment education and who already invest.
NAHREP is a case study for the power that peer influence available through the NAHREP

networks and social capital can have on upward network. Three-quarters (74.7 percent) of NAHREP MEMBERS: INVESTING
economic mobility. A recent study conducted NAHREP members invest in either a retirement IN THE STOCK MARKET
by Harvard’s Opportunity Insights suggests or brokerage account, significantly outpacing NAHREP has focused efforts to boost
retirement account participation

that if individuals with lower socioeconomic the general population of Latinos. Separately,

status increase their share of friends with a 70.2 percent of NAHREP members invest in a

higher socioeconomic status from 25 percent retirement account, while 28.3 percent invest in

to 50 percent, their children experience an a non-retirement brokerage account, with 41.2

8.2 percentile increase in economic mobility percent contributing more than 5 percent of

in adulthood.76 In that vein, one of the most their household income annually. Foreign-born
members are less likely to invest in either, when
74.7%
prevalent conversations among NAHREP is how
to mastermind strategies for both business compared to their U.S.-born counterparts, at

improvement and wealth. Since the NAHREP 68.6 percent and 78.9 percent, respectively.

network is passionate about the power of

Retirement account participation rates are
building generational wealth and closing the
highest among non-business owners (77.2 OF NAHREP MEMBERS
wealth gap, the sharing of such information
percent) and those who have an income of at INVEST IN A RETIREMENT OR
is one of the most important functions of BROKERAGE ACCOUNT
least $100,000 (76.1 percent). Unsurprisingly,
the organization. Diversifying assets with SOURCE: HWP SURVEY
some of the lowest participation rates are
stock-based investments, such as retirement
among non-homeowners (52.3 percent), yet
accounts, is one of these strategies.
even these far exceed the participation rate for
the overall Latino population.
 SAVINGS AND INVESTMENTS

AMONG NON-INVESTING FINANCIAL ADVISORS AND of non-investors in the NAHREP network 21

NAHREP MEMBERS, LACK OF CULTURALLY RELEVANT reported that an in-person or virtual workshop

UNDERSTANDING DRIVES EDUCATION CAN FILL explaining how the stock market works would

RESISTANCE THE GAP be helpful.

For NAHREP members who do not invest in Among those that do not invest, 39.9 percent LATINOS INVEST IN
either a retirement or brokerage account, report that working directly with a financial CRYPTOCURRENCY AT
a lack of knowledge on how to invest is advisor would make them feel more comfortable HIGHER RATES
the most common setback (27.3 percent), investing. Many of these are high-net
Nearly a third (29.9 percent) of NAHREP
followed by affordability (21.7 percent). Among worth individuals; 38.8 percent have a net
members invest in cryptocurrency, a
non-investors, 78.8 percent are homeowners worth above $500,000, creating significant
surprisingly high number given that only
and 39.4 percent are investment property opportunities for wealth managers.
11 percent of adults in the U.S. invest in
owners, signaling a lack of priority on stock-
Additionally, there is a market need for more cryptocurrency.78 The majority (69.7 percent)
based investments, in favor of more familiar
culturally relevant education and financial report learning about it from a friend or family
assets. Real estate investments are not only
advice on the fundamentals of the stock member. Cryptocurrency investors with
more intuitive to the general population of
market and long-term retirement savings. The NAHREP membership tend to be high-income
Latinos, but also to NAHREP members who
Employee Benefits Research Institute (EBRI) earners and have a wide array of investment
work within the real estate market, which
found that Latinos from all income brackets vehicles, with 76.9 percent of cryptocurrency
explains their proclivity toward investing in real
are more likely to report not knowing where investors reporting an income above $100,000,
estate over other investments.
to go for good financial or retirement planning and 81.6 percent also investing in either a
advice. In line with these findings, 34.9 percent
77 retirement or brokerage account.

A LOOK AT
NAHREP SAVINGS AND INVESTMENTS
BY PROFESSION
INVEST IN A RETIREMENT OR HAVE AT LEAST $25,000 IN AT LEAST SOMEWHAT CONFIDENT THAT
BROKERAGE ACCOUNT INVEST IN CRYPTOCURRENCY LIQUID SAVINGS THEY WILL BE PREPARED TO RETIRE

REAL ESTATE SALES

AGENTS/BROKERS AND BROKER/OWNERS 67.4% 31.2% 53.2% 74.7%

MORTGAGE LENDERS
LOAN OFFICERS, BRANCH MANAGERS,
BROKER/OWNERS, ETC. 90.0% 28.1% 59.0% 83.9%

81.9% 22.2% 53.5% 80.6%

ALL OTHER
PROFESSIONALS
SETTLEMENT, INSURANCE, CORPORATE, ETC.

SOURCE: HWP SURVEY

 STATE OF HISPANIC WEALTH REPORT

22 For seasoned investors, cryptocurrency is likely The NAHREP saving trends are in direct contrast for retirees overall included developing a
another strategy for diversifying their wealth. with concerning trends seen among the broader health issue or disability or having to care for
However, somewhat alarmingly, 18.4 percent Latino population. According to the Survey of a relative.86
of cryptocurrency investors in the NAHREP Consumer Finances, Latinos report having the
The most popular retirement projection for
network forgo investing in safer and more lowest capacity to save out of any demographic.
NAHREP members (42.6 percent) is a plan to
tax-advantaged investments, such as retirement In 2019, 44.7 percent of Latino households
retire between 60-69 years of age, with only
or brokerage accounts, entirely. reported savings, compared to 58.6 percent of
30.3 percent planning on retiring before they
the general population. Additionally, Latinos
In line with NAHREP members, Latinos generally turn 60. NAHREP members who plan to retire
have consistently held the lowest savings rate
over-index in cryptocurrency investments. before 60 tend to be younger, with a median
since 2010. Among those who did save, Latino
According to a recent Morning Consult survey, age of 38. Nearly all (89.0 percent) NAHREP
households had the second lowest median
24 percent of Latinos invest in cryptocurrency, members who plan to retire early expect to
savings amount, $1,950, second to
while Latino millennials are 90 percent more fund their retirement through real estate
Black households.83
likely to invest than the general population.79 investments, investing a smaller percentage of
Similarly, a survey by Pew Research finds NAHREP MEMBERS ARE their income in a retirement account, compared
Latinos are 31 percent more likely to invest in CONFIDENT THEY WILL BE to NAHREP members overall.
cryptocurrency than the general population, and PREPARED FOR RETIREMENT
62 percent more likely than the non-Hispanic LATINOS ARE BEHIND ON
White population. Today, one in four bitcoin
80 Income, ownership of assets, and age contribute ESTATE PLANNING
owners in the U.S. are Latino, compared to only to a person’s capacity to plan for the future.
In an alarming trend, despite above-average
16 percent of the general population. 81 The majority (77.9 percent) of NAHREP
asset ownership, only 36.8 percent of NAHREP
members feel at least somewhat confident in
NAHREP MEMBERS HAVE their ability to retire, relying mostly on real
members have an estate plan in place. An estate

SAVINGS FOR EMERGENCIES estate investments (81.3 percent), retirement

plan can protect generational wealth. Hesitancy

AND FUTURE INVESTMENTS accounts (54.9 percent), and social security

to plan for the future may stem from the fact
that Latinos tend to skew younger. In a survey
(51.5 percent). Understandably, individuals
The NAHREP 10 disciplines stress the conducted by Consumer Reports, 82 percent of
with higher incomes and more wealth feel more
importance of living below one’s means, as Latinos reported not having a will, compared to
comfortable as they approach retirement age.
recessions are a natural occurrence in our 67 percent of non-Hispanic White households.87
A recent EBRI study found that 85 percent of
economy. Having savings is critical to offset In that survey, 28 percent of Latinos felt they
Latinos with a household income of at least
income loss in a recession, as seen during did not need a will because they were too young
$75,000 felt at least somewhat confident they
the COVID-19 recession, when the Latino to have one.
would have enough money to live comfortably
unemployment rate reached 18.5 percent. 82
through retirement, compared to 47 percent of
It is also essential to acquiring assets and
Latinos earning less than $35,000.84 Regardless
NAHREP MEMBERS:
building wealth. A capacity to save is largely ESTATE PLANNING
of income, a small portion of NAHREP members
NAHREP members are behind on
driven by income and the ability to rely on
indicated they never plan to retire (13.3 estate planning
appreciating assets. A lion’s share of NAHREP
percent), a trend that has been more broadly
members (85.3 percent) reported having cash
seen among the Latino population.
set aside for emergencies, future investments,

THOSE WHO PLAN TO RETIRE

$ 36.8%
and planned expenses, with over half (54.4
percent) having at least $25,000 in liquid ARE MORE LIKELY TO RETIRE
savings. Among those with at least $25,000 EARLY OF NAHREP
in savings, 95.1 percent were homeowners, MEMBERS HAVE AN
79.1 percent had retirement accounts, and In general, Latinos retire at a younger age than ESTATE PLAN IN PLACE
74.1 percent were business owners. Savings non-Latinos. According to the Federal Reserve,

were largest among those living in NAHREP’s 65 percent of Latinos retire at age 61 or younger,
$
Midwest region, with 66.1 percent having at compared to 48 percent of the non-Hispanic

least $25,000 set aside. This is likely due to White population. More than half of Latino

lower cost of living in the Midwest, especially retirees (53 percent) reported that they retired

when compared to coastal regions. earlier than they expected.85 Common reasons SOURCE: HWP SURVEY
CONCLUSION 23

Latinos are tethered to America’s future. As the youngest and second largest demographic in the U.S., Latinos are set to account for the majority of
the U.S. population, labor supply, and household formation growth for the foreseeable future. However, the Latino/non-Hispanic White wealth gap
remains significant, posing risks to long-term U.S. economic growth.

In an effort to close the wealth gap, NAHREP has embedded financial education and a roadmap for building generational wealth into the culture of the
organization. As a result, NAHREP members overwhelmingly feel their participation in the organization has had a positive impact on their personal
financial habits. In the Hispanic Wealth Project Survey, over half (56.1 percent) of NAHREP members reported that being a part of the organization
positively improved their financial habits.

NAHREP serves as a case study for how networks can leverage their convening power to make wealth creation a central pillar of its mission. Networks
can serve as incubators for strategies that can be deployed to the broader Latino population, while fully leveraging the understanding that each
network influences its respective communities. Through establishing both internal and external financial goals, embedding culturally relevant financial
education, and creating spaces for individuals to mastermind around wealth creation, a movement can arise and have the ripple effects needed to
make significant leaps toward bridging the wealth gap in America.
 STATE OF HISPANIC WEALTH REPORT

24 APPENDIX A: 2022 STATE OF HISPANIC WEALTH REPORT SURVEY

SECTION 1: DEMOGRAPHICS
WHAT IS YOUR GENDER? WHICH OF THE FOLLOWING BEST DESCRIBES YOUR
Population: All PERSONAL CREDIT SCORE?
Population: All
40% 60% Excellent credit (FICO 800+)....................22.3%
MALE FEMALE Very good credit (FICO 740-799)..............36.1%
Good credit (FICO 670-739)......................30.1%
WHAT IS YOUR AGE? Fair credit (FICO 580-669)........................10.0%
Population: All Poor credit (FICO 300-579).......................1.4%
Median Age: 44
2.2% Very poor credit (FICO less than 300).....0.1%
11.3% Gen Z (7 - 25)
Baby Boomers and older (58+)
WHAT IS YOUR PROFESSION?
Population: All
36.9%
Millennials (26 - 41) Real estate agent/broker..................................52.6%
Real estate broker/owner.................................8.4%
Lender - Loan officer.........................................15.4%
49.6% Lender - Broker/owner or branch manager....7.4%
Gen X (42 - 57) Corporate employee......................................... 4.7%
Settlement and insurance................................6.8%
WHAT IS THE HIGHEST LEVEL OF EDUCATION THAT YOU COMPLETED?
Population: All
Other...................................................................4.7%
High school diploma or less.....................7.5%
Some college or two-year degree............43.1%
DO YOU HAVE A TEAM?
Four-year college degree..........................28.3%
Population: Real estate agents/brokers
Graduate degree.........................................21.1%
Yes........31.5%
WHICH OF THE FOLLOWING BEST DESCRIBES YOUR No.........68.5%
CITIZENSHIP STATUS?
Population: All HOW MANY AGENTS ARE ON YOUR TEAM?
Population: Real estate agents/brokers with teams
U.S.-born citizen....................................................................59.8%
Naturalized citizen................................................................33.2% Fewer than 5.....64.3%
Permanent resident...............................................................4.3% 5 – 9................... 19.4%
Visa, Temporary Protective Status (TPS) or DACA.............1.3% 10 – 14...............6.2%
Undocumented......................................................................0.3% 15 – 19................3.1%
Other/Prefer not to answer..................................................1.1% 20 or more.........7.0%

WHAT WAS YOUR PERSONAL HOUSEHOLD INCOME IN 2021?

Population: All
Less than $60,000.....................................10.8% HOW MANY REAL ESTATE OFFICES DO YOU OWN?
Population: Real estate brokers/owners
$60,000 to less than $100,000................16.6%
1............76.1%
$100,000 to less than $150,000..............16.7%
2............13.4%
$150,000 to less than $200,000..............16.8%
3............6.0%
$200,000 to less than $400,000.............24.4%
4+..........4.5%
$400,000 or more......................................14.7%
HOW MANY AGENTS WORK FOR YOU?
DO YOU EXPECT YOUR HOUSEHOLD INCOME TO
INCREASE OR DECREASE IN 2022? Population: Real estate brokers/owners
Population: All Less than 5........35.8%
Increase...........................53.4% 5 - 25.................44.8%
Decrease.........................15.6% 26 - 100.............9.0%
Stay about the same......27.4% More than 100..10.5%
I don’t know....................3.6%

WHAT IS YOUR HOUSEHOLD'S APPROXIMATE NET WORTH? HOW MANY LOAN OFFICERS WORK FOR YOU?
Population: People who know their household net worth Population: Lenders - Broker/owners and branch managers

Negative, my debts are greater than my assets 1.7% Less than 5........58.6%
5 – 25.................39.7%
Less than $25,000.......................................... 4.3%
26 - 100..............1.7%
$25,000 to less than $75,000....................... 5.5%
$75,000 to less than $150,000..................... 7.6%
$150,000 to less than $500,000.................. 28.0%
$500,000 to less than $1 million.................. 23.5%
$1 million to less than $5 million.................. 24.1%
$5 million or more.......................................... 5.3%
 APPENDIX A: 2022 SURVEY RESULTS

SECTION 2: HOMEOWNERSHIP 25
DO YOU OWN REAL ESTATE? WHAT TYPES OF INVESTMENT PROPERTIES DO YOU PURCHASE?
Population: All Population: Investment property owners
Single-family.....83.5%
86.1% 13.9% Multi-family......38.7%
YES NO Commercial.......13.7%
Mixed-Use.........8.1%
DID YOUR FAMILY OWN THE HOUSE YOU GREW UP IN?
Population: All HOW DO YOU HOLD OWNERSHIP OF YOUR
Yes........65.9% INVESTMENT PROPERTIES?
No.........34.1% Population: Investment property owners
Personal............................................63.3%
DO YOU OWN THE HOME YOU LIVE IN? Business entity (sole owner)...........36.0%
Population: Homeowners
Business entity with partners.........19.2%
Yes, with a mortgage........................87.3% Other (trust)......................................6.6%
Yes, without a mortgage..................8.7%
No, I rent the home I live in.............2.7% HOW DO YOU LEARN ABOUT INVESTMENT
PROPERTY OPPORTUNITIES?
No, I have another arrangement ....1.3%
Population: Investment property owners
Friends or network................................................57.0%
Real estate agent...................................................45.3%
DO YOU OWN ANY INVESTMENT REAL ESTATE
(OTHER THAN YOUR PRIMARY RESIDENCE)? MLS.........................................................................37.5%
Population: Homeowners Online search (Zillow, [Link], etc.)............21.0%
Investment club.....................................................11.4%
58.7% 41.3% Commercial online platform
YES NO (Ten-X, [Link], LoopNet, etc.)....................6.8%
Influencer...............................................................6.1%
HOW MANY INVESTMENT PROPERTIES DO YOU OWN?
Population: Investment property owners
1............39.5% WHAT IS THE PRIMARY REASON YOU ARE NOT A HOMEOWNER?
2............25.1% Population: Non-homeowners
3............8.9%
4............7.9%
8.0%
5............5.1%
I want to have the freedom to move 16.1%
6+..........13.7%
I don’t have enough money
WHEN DID YOU PURCHASE YOUR FIRST INVESTMENT PROPERTY? saved up for a down payment
10.7%
Population: Investment property owners
Do not think I qualify
Less than 5 years ago............41.0%
Between 5-15 years ago........33.7% 15.2%
More than 15 years ago.........25.3% Can’t afford the kind of
10.7% house I would like or in the
HOW DID YOU FINANCE YOUR INVESTMENT PROPERTIES? I have too much debt neighborhood I would like
Population: Investment property owners
Conventional Mortgage.............................62.5% 11.6%
Cash............................................................. 3 4.2% I am waiting for the
Hard Money.................................................12.2% market to improve
Home Equity Line of Credit (HELOC)
from another property.............................. .9.9% ARE YOU PLANNING TO BUY AN INVESTMENT PROPERTY OR SECOND
Private Investors.........................................9.4% HOME (OR ADDITIONAL INVESTMENT PROPERTIES) IN ANY OF THE
FOLLOWING TIME PERIODS?
Commercial Portfolio Lender.....................3.8%
Population: All
Renovation/Construction Loan...................2.0%
ACTIVELY LOOKING TO BUY PLANNING TO BUY WITHIN
WHERE DO YOU PURCHASE INVESTMENT PROPERTIES? WITHIN THE NEXT 12 MONTHS THE NEXT 5 YEARS
Population: Investment property owners
6.7%
In the city or county that you live in.........57.7% 9.7% 6.3% 87.0%
29.6% 60.7%
Only in the state where you live...............30.1%
In multiple states........................................22.0%
Internationally............................................10.1%

WHAT IS YOUR INVESTMENT STRATEGY?

Population: Investment property owners
Long term rentals.......................................88.4%
Short term rentals......................................19.0% Yes
No
Buy and flip.................................................29.4%
I don't know
Other (land, second home, etc.)...............5.8%
 STATE OF HISPANIC WEALTH REPORT

26 SECTION 3: ENTREPRENUERSHIP
DO YOU CURRENTLY OWN A BUSINESS? For the purposes of this question, ARE YOU PLANNING TO START A BUSINESS IN THE NEXT…
independent contractors and 1099 workers qualify as business owners, or if Population: Non-business owners
you own a side business outside of your primary source of income. Yes
Population: All No
12 MONTHS 5 YEARS I don't know

68.6% 31.4% 12.2% 25.2%

21.6%
YES NO
43.1%

HOW MANY EMPLOYEES DOES YOUR BUSINESS HAVE?

Population: Business owners
I am a sole proprietor or an independent contractor.......58.3%
My spouse and/or children are my only employees.........10.2%
35.3%
My business has fewer than 5 employees.........................21.5% 62.6%
My business has 5 employees or more..............................10.0%

WHAT FUNDING DID YOU USE TO START YOUR BUSINESS? ARE YOU PLANNING TO START A NEW OR ADDITIONAL
BUSINESS IN THE NEXT…
Population: Business owners
Population: Business owners
Personal savings......................................................91.1%
Yes
Credit card................................................................21.0% No
Personal Loan...........................................................6.9% 12 MONTHS 5 YEARS I don't know
Small Business Loan................................................4.6% 14.2% 8.0%
Home Equity Line of Credit (HELOC).....................3.5%
Funding provided by family or friends...................3.5% 55.6%
Private investors......................................................2.4% 39.4%

WHAT IS YOUR ANNUAL BUSINESS REVENUE?

Population: Business owners 26.39%
Less than $50,000.................................................. 22.9%
46.35%
$50,000 to less than $250,000............................. 45.3%
$250,000 to less than $1 million........................... 20.0%
$1 million to less than $5 million........................... 7.8%
SECTION 4: SAVINGS AND INVESTMENTS
$5 million to less than $25 million........................ 3.4%
$25 million or more................................................. 0.6% DO YOU OR ANYONE IN YOUR HOUSEHOLD HAVE HAVE CASH SET
ASIDE FOR AN EMERGENCY, FUTURE INVESTMENTS, OR OTHER
HOW DO YOU PLAN TO GROW YOUR BUSINESS? PLANNED EXPENSES?
Population: Business owners Population: All
Organic growth (i.e. hire more staff or sales people)........74.2%
Add additional revenue streams (ancillary services,
85.3% 14.7%
i.e. mortgage, escrow, title, etc.).........................................31.9% YES NO
Raise investment capital or borrow money.......................18.0% APPROXIMATELY HOW MUCH CASH DOES YOUR HOUSEHOLD HAVE
Merger and acquisition.........................................................8.0% SET ASIDE FOR AN EMERGENCY, FUTURE INVESTMENTS, OR OTHER
PLANNED EXPENSES?
WHAT DO YOU NEED THE MOST HELP WITH IN ORDER TO GROW Population: Households that have cash set aside
YOUR BUSINESS?
less than $5,000....................................... 10.4%
Population: Business owners
$5,000 to less than $25,000....................35.1%
Mentorship...............................................................52.9%
$25,000 to less than $50,000................. 23.7%
Marketing.................................................................41.9%
$50,000 to less than $150,000................ 18.2%
Accounting/Bookkeeping.......................................30.2%
$150,000 or more..................................... 12.5%
Education on acquiring investment capital..........29.7%
Financial investment...............................................29.3%
Technology...............................................................24.7%
DO YOU OR ANYONE IN YOUR HOUSEHOLD HAVE ANY OF THE
Education on acquiring small business loans.......23.2%
FOLLOWING ASSETS?
Human Resources/Recruiting................................16.9% Population: All
DO YOU FEEL YOUR BUSINESS IS PREPARED FOR A RECESSION? Retirement Account(s) (Employer 401k/ IRA/Sep IRA, 403b)..................70.2%
Population: Business owners Savings, certificates of deposits (CD) or money market account(s)........62.0%
Yes, very prepared........................22.3% Whole life insurance policy.........................................................................39.8%
Yes, somewhat prepared.............45.5% Cryptocurrency.............................................................................................29.9%
Unsure...........................................23.8% Non-Retirement Brokerage account(s) (stocks and bonds).....................28.3%
No, not very prepared..................6.9% College savings (529 plan or ESA)...............................................................12.0%
No, not at all prepared.................1.7% None of the above........................................................................................8.2%
Angel/venture capital investments............................................................2.3%
 APPENDIX A: 2022 SURVEY RESULTS

27
DO YOU OR ANYONE IN YOUR HOUSEHOLD
DO YOU
INVEST
OR ANYONE
IN A RETIREMENT
IN YOUR HOUSEHOLD INVESTDO
IN A RETIREMENT
YOU DO YOU
OR ANYONE IN YOUR HOUSEHOLD OR ANYONE IN YOUR HOUSEHOLD IN
INVEST
ACCOUNT OR BROKERAGE ACCOUNT?ACCOUNT OR BROKERAGE ACCOUNT? IN CRYPTOCURRENCY? IN CRYPTOCURRENCY?
Population: All Population: All Population: All Population: All

74.7% 25.3% 29.9% 70.2%

YES NO YES NO

HOW DID YOU LEARN ABOUT INVESTING

HOWINDID
CRYPTOCURRENCY?
YOU LEARN ABOUT INVESTING IN C
Population: Households that invest in cryptocurrency
Population: Households that invest in cryptocurrency
WHAT PERCENTAGE OF YOUR ANNUAL WHAT
HOUSEHOLD
PERCENTAGE INCOME OF YOURDO ANNUAL HOUSEHOLD INCOME DO
YOU INVEST IN A RETIREMENT OR BROKERAGE YOU INVEST ACCOUNT?
IN A RETIREMENT OR BROKERAGE ACCOUNT? A friend or family member.....................................69.7%
A friend or family member.....................................69
Population: Households that invest in either a retirement
Population:
or brokerage
Householdsaccount Website
that invest in either a retirement or brokerage account or online blog............................................26.9%
Website or online blog............................................2
1 percent........................................6.3% 1 percent........................................6.3% YouTube or online videos........................................25.6%
YouTube or online videos........................................2
Between 2 - 3 percent..................24.6% Between 2 - 3 percent..................24.6% Social media (Facebook, Instagram, TikTok, Socialetc.)..20.1%
media (Facebook, Instagram, TikTok, etc.)..2
Between 4 - 5 percent.................23.0% Between 4 - 5 percent.................23.0% Podcast or radio program........................................17.5%
Podcast or radio program........................................1
Between 6 – 10 percent ..............29.5% Between 6 – 10 percent ..............29.5% Your personal financial advisor...............................5.1%
Your personal financial advisor...............................5
More than 10 percent...................16.5% More than 10 percent...................16.5%

WHICH OF THE FOLLOWING, IF ANYTHING

WHICHATOF
ALL,
THEWOULD
FOLLOWING,
YOU LIKE
IF ANYTHING AT ALL, WOULD YOU LIKE
TO HAVE ACCESS TO HELP YOU WITHTO
THOSE
HAVEINVESTMENTS?
ACCESS TO HELP YOU WITH THOSE INVESTMENTS?
AT WHAT AGE DO YOU PLAN TO RETIRE?
AT WHAT AGE DO YOU PLAN TO RETIRE?
Population: Households that invest in either a retirement
Population:
or brokerage
Households
account
that invest in either a retirement or brokerage account
Population: All Population: All
Workshop or event on investing hosted by Workshop
an organization
or eventI on trustinvesting hosted by an organization
.......49.1% I trust
Before the .......49.1%
age of 50.......8.7% Before the age of 50.......8.7%
Working directly with a financial advisor...................................................38.5%
Working directly with a financial advisor...................................................38.5%
50 - 59.............................21.6% 50 - 59.............................21.6%
Peer-to-peer investment club.....................................................................29.3%
Peer-to-peer investment club.....................................................................29.3%
60 - 69.............................42.6% 60 - 69.............................42.6%
Nothing, I have access to everything I need/want....................................26.5%
Nothing, I have access to everything I need/want....................................26.5%
70 +..................................12.8% 70 +..................................12.8%
HOW DO YOU PRIMARILY MANAGE THESE HOW INVESTMENTS?
DO YOU PRIMARILY MANAGE THESE INVESTMENTS? I am already retired........1.2% I am already retired........1.2%
Population: Households that invest in either a retirement Population:
or brokerage
Households account
that invest in either a retirement or brokerage I never
account plan to retire.......13.3% I never plan to retire.......13.3%
Myself or a family member primarily make Myself
investment
or a family selections........58.4%
member primarily make investment selections........58.4%
HOW CONFIDENT ARE YOU THAT YOUHOW WILLCONFIDENT
BE PREPARED ARE YOU THAT YOU WILL BE
Myself or a family member primarily utilize Myself
a financial
or a family advisormember primarily utilize a financial advisor FINANCIALLY TO RETIRE? FINANCIALLY TO RETIRE?
to make investment selections...................................................................38.2%
to make investment selections...................................................................38.2%
Population: All Population: All
I don't know..................................................................................................3.4%
I don't know..................................................................................................3.4%
Very confident................30.4% Very confident................30.4%
Somewhat confident.....47.6% Somewhat confident.....47.6%
Not very confident.........15.9% Not very confident.........15.9%
Not at all confident........6.1% Not at all confident........6.1%
WHAT ARE THE PRIMARY REASONS THAT
WHAT YOU
AREHAVE
THE PRIMARY
NOT INVESTED
REASONS THAT YOU HAVE NOT INVESTED
IN A RETIREMENT OR BROKERAGE ACCOUNT?
IN A RETIREMENT OR BROKERAGE ACCOUNT? HOW DO YOU EXPECT TO FUND YOURHOW RETIREMENT?
DO YOU EXPECT TO FUND YOUR RETIRE
Population: Households that don't invest in eitherPopulation:
a retirementHouseholds
or brokerage
that
account
don't invest in either a retirement or brokerage account
Population: All Population: All
Real estate investment (rental income)..............................81.3%
Real estate investment (rental income)...................
I don't know how to invest in it.....................................
I don't know how to invest 27.3% in it..................................... Retirement Account (Employer 401k/ IRA/Sep Retirement IRA)..........54.9%
Account (Employer 401k/ IRA/Sep IRA
I can't afford it................................................................. 21.7%
I can't afford it................................................................. Social security........................................................................51.5%
Social security............................................................
I don't think it's a safe investment................................
I don't think it's a safe 11.1% investment................................ Revenue from private business............................................35.8%
Revenue from private business................................
Savings accounts I keep in a bank........................................32.7%
Savings accounts I keep in a bank............................
I am waiting for the economy to improve.................... I am waiting for the 7.6% economy to improve....................
Brokerage accounts (Non-retirement investments, Brokerage accounts (Non-retirement investments
I haven't heard of it.........................................................
I haven't heard of it......................................................... CDs, stocks and bonds).........................................................26.3%
4.0% CDs, stocks and bonds).............................................
Pension...................................................................................12.2%
Pension.......................................................................
WHICH OF THE FOLLOWING, IF ANY AT WHICH
ALL, WOULDOF THEMAKE FOLLOWING, YOU MORE IF ANY AT ALL, WOULD MAKE
Cash thatYOU I keepMOREoutside of a bank.......................................10.6%
Cash that I keep outside of a bank...........................
COMFORTABLE INVESTING IN A RETIREMENT COMFORTABLE OR BROKERAGE
INVESTING ACCOUNT?
IN A RETIREMENT OR BROKERAGE My kids or other ACCOUNT?
family members are My kids or other family members are
Population: Households that don't invest in eitherPopulation: a retirementHouseholds
or brokerage
thataccount
don't invest in either a retirement or brokerage going to account
support me...............................................................1.7%
going to support me..................................................
Working directly with a financial advisor..............................39.9%
Working directly with a financial advisor..............................39.9%
An in-person or virtual workshop An in-person or virtual workshop DO YOU HAVE AN ESTATE PLAN? ([Link] WILL, YOU TRUST,
HAVE AN ESTATE PLAN? (I.E. WILL, TR
POWERS OF ATTORNEY, ETC.) POWERS OF ATTORNEY, ETC.)
explaining how the stock market works................................34.9%
explaining how the stock market works................................34.9%
Population: All Population: All
Reading or learning more about the stock Reading or learning more about the stock
Yes......................36.8% Yes......................36.8%
market on my own...................................................................23.2%
market on my own...................................................................23.2%
No.......................63.2% No.......................63.2%
Having a trusted family member or friendHaving a trusted family member or friend
I don't know.......2.3% I don't know.......2.3%
who currently invests walk you through who the process..........21.7%
currently invests walk you through the process..........21.7%
There is nothing that would make me more There comfortable...18.7%
is nothing that would make me more comfortable...18.7%
Having your employer give you more training Having and your employer give you more training and HOW HAS BEING A NAHREP MEMBERHOW IMPACTED HAS BEING A NAHREP MEMBER IMPACT
guidance on investing..............................................................9.1%
guidance on investing..............................................................9.1% YOUR FINANCIAL HABITS? YOUR FINANCIAL HABITS?
0.7%
Population: All hasPopulation: All habits worse
made my financial
Being a NAHREP member has... Being a NAHREP member has...

43.2% 56.1%
improved my financial habits
made no difference to
my financial habits
 STATE OF HISPANIC WEALTH REPORT

28 APPENDIX B: HISPANIC WEALTH PROJECT INITIATIVES

The Hispanic Wealth Project aims to build programs tailored for the NAHREP network to advance their individual financial soundness and leverage
their influence on the greater Latino community. Using State of Hispanic Wealth Report survey data, the Hispanic Wealth Project has outlined the
following programs and initiatives focused on homeownership, entrepreneurship, and savings and investments.

HOMEOWNERSHIP
Increase diversity in the real estate industry Advocate for policies and market products to
increase homeownership
Over the next 20 years, 70 percent of new homeowners are projected
to be Latino.88 In order to effectively serve the next generation of As the U.S. is facing a severe housing shortage, policies that impact
homebuyers, the real estate industry needs to reflect the populations it housing production become an essential component of Latino wealth
serves. Data shows that diversifying the industry will make a difference creation. The housing shortage is particularly dire in markets with high
for prospective buyers. The Federal Reserve Bank of Dallas found that Latino populations —Texas and Florida, two states that hold 27.6 percent
minority loan applications are more likely to be completed, approved, of the Latino population, saw the steepest housing underproduction
and ultimately originated if they are handled by a minority loan officer. 89
rates.90 With the objective of increasing housing supply by 5 million units,
The HWP also believes that an increase in Latinos in the industry will advocating for federal, state, and local public policy to stimulate the
inevitably lead to an increase in Latino homeownership and therefore, production of new homes is paramount. The Hispanic Wealth Project,
an increase in Latino overall wealth. HWP seeks to build a network in partnership with NAHREP, advocates for policies that lower building
of industry leaders who will support their community in increasing costs, ease zoning restrictions, remove barriers to new housing projects,
homeownership and wealth. and create incentives for owner-occupied units.

ENTREPRENEURSHIP WHAT DO NAHREP BUSINESS OWNERS NEED

IN ORDER TO GROW THEIR BUSINESSES?
HWP Accelerator & Incubator Program

While Latinos are more likely to be entrepreneurial than their non-Latino

counterparts, Latino-owned businesses tend to be small, with only
three percent of Latino-owned businesses having scaled.91 HWP survey
data shows that mentorship is the number one resource Latino business
owners needed to grow their business. NAHREP members also strongly
requested education on acquiring investment capital and financial
investments. In response to these needs, the Hispanic Wealth Project is
launching an accelerator program where Latino-led start-ups in proptech
and fintech can apply to receive investment capital, mentorship, access to
industry leaders, and exposure to the HWP’s broad network of real estate
and finance professionals.

SOURCE: HWP SURVEY

 APPENDIX B: HISPANIC WEALTH PROJECT INITIATIVES

SAVINGS AND INVESTMENTS 29

HWP Investor Clubs HWP Angel Investor Network

In an effort to advance existing participation in stock market-based In an effort to increase the amount of capital invested in Latino start-ups,
investments, the Hispanic Wealth Project is launching a series of the HWP is launching an Angel Investing Network. Currently, Latino-led
Investor Clubs or mastermind groups focused on wealth building through start-ups receive less than 2 percent of available venture capital.93
investments. Latinos, in particular, are less likely to have a diversified Accredited investors who are interested in investing in start-ups can join
investing portfolio. Only 4.3 percent of Latinos reported investing in the network and invest in preapproved start-ups with as little as $5000.
stocks through a brokerage account. The HWP Investor Clubs will
92
The HWP Angel Investor Network will provide opportunities for investors
be located in several cities nationwide, with a focus on investing in to diversify their assets, while providing much-needed capital to Latino-led
securities, syndicates, and real estate. Participation in the Investor Club start-ups with strong growth potential.
will be contingent on past investing experience.

NAHREP 10 CERTIFIED TRAINER PROGRAM

97 CERTIFIED
TRAINERS
485 WORKSHOPS
173,995 IMPRESSIONS
NATIONWIDE
21,351 AUDIENCE
MEMBERS

The Hispanic Wealth Project created the NAHREP 10 diciplines in 2016 in an effort to provide culturally relevant financial education for the Latino
community. As an organization, NAHREP recognized that while Hispanics were closing the income gap, Latinos had yet to close the wealth gap. The
NAHREP 10 disciplines created a roadmap for economic prosperity and the building of generational wealth. NAHREP’s greatest currency is the broad,
passionate network of successful individuals who are committed to NAHREP and HWP’s mission and are ready to take on the challenge of sharing the
NAHREP 10 disciplines within their respective communities.

Launched in 2019, the NAHREP 10 Certified Trainer program is a platform for NAHREP leaders to expand the reach of wealth disciplines beyond
NAHREP’s network. Over the last three years, trainers have taken online class curricula, undergone an extensive interview process, and have
started sharing the NAHREP 10 publicly.

Since the inception of the program, NAHREP 10 Certified Trainers have reached a wide variety of audience members, both virtually and in person.
Presenting at 485 workshops, NAHREP 10 Certified Trainers have reached over twenty thousand individuals to date. When including other forms of
media, such as podcasting, broadcast radio, and online videos, the NAHREP 10 Certified Trainers have shared the NAHREP 10 with nearly two hundred
thousand unique audience members nationwide.

THE HWP WEALTH DISCIPLINES: THE NAHREP 10

1 HAVE A MATURE UNDERSTANDING OF

WEALTH AND PROSPERITY
because the one with the most toys usually loses.
6 KNOW YOUR NET WORTH INCLUDING THE
VALUE OF YOUR BUSINESS because you can’t
improve what you don’t measure.

2 BE IN THE TOP 10% OF YOUR PROFESSION

because being good is not good enough. 7 BE POLITICALLY SAVVY because public policy
matters.

3 LIVE BELOW YOUR MEANS AND BE READY

FOR THE NEXT RECESSION because downturns
are a regular part of our economic cycles.
8 BE PHYSICALLY FIT because wealth without
health is meaningless.

4 MINIMIZE DEBT because it is the biggest enemy

to wealth.
9 BE GENEROUS WITH PEOPLE WHO ARE LESS
FORTUNATE because philanthropy feeds your
spirit and gives more purpose to your work.

5 INVEST AT LEAST 20% OF YOUR INCOME IN

REAL ESTATE AND STOCKS because they are the
best and safest ways to build wealth (investing in
10 BE ACTIVE IN THE LIVES OF YOUR FAMILY AND
CHILDREN because familia is central to who we
are and nothing will motivate you more.
other businesses does not count).
 STATE OF HISPANIC WEALTH REPORT

30 ENDNOTES

1
Federal Reserve. (2020, November 17). Survey of Consumer Finances. Available from: [Link]
2
Calculations made using U.S. Census Bureau, Current Population Survey, 2021 Annual Social and Economic Supplement (CPS ASEC) in CPSVision®.
3
U.S. Census Bureau. (2022, August 2). Current Population Survey/Housing Vacancy Survey.
4
Calculations made using Home Mortgage Disclosure Act (HMDA) data for home purchases in 2021 in HMDAVision®.
5
CoreLogic. (2022, March 10). Homeowners Gained Over $3.2 Trillion in Home Equity in 2021. Retrieved from: [Link]
home-equity-in-2021/
6
Calculations made using U.S. Census Bureau, Current Population Survey, 2021 Annual Social and Economic Supplement (CPS ASEC) in CensusVision®.
7
Federal Reserve. (2020, November 17). Survey of Consumer Finances. Available from [Link]
8
U.S. Census Bureau. (2020). Annual Business Survey: Business Characteristics of Respondent Employer Firms by Sector, Sex, Ethnicity, Race, and Veteran Status for the U.S. States, and Metro
Areas: 2019. Available from: [Link]
9
Orozco, M., et al. (2018). “2018 State of Latino Entrepreneurship.” Stanford Business. Retrieved from: [Link]
[Link].
10
U.S. Census Bureau. (2021). “Census Bureau Releases New Data on Minority-Owned, Veteran-Owned and Women-Owned Businesses.” Retrieved from: [Link]
press-releases/2021/[Link].
11
Federal Reserve. (2020, November 17). Survey of Consumer Finances. Available from: [Link]

Federal Reserve. (2022, May). “Economic Well-Being of U.S. Households in 2021.” Retrieved from: [Link]
12

[Link].

Goodman, L., and Zhu, J. (2021, January). Urban Institute. “The Future of Headship and Homeownership.” Retrieved from: [Link]
13

homeownership.
14
U.S. Census Bureau. (2020, February). “Demographic Turning Points for the United States: Population Projections for 2020 to 2060 U.S.” Retrieved from [Link]
dam/Census/library/publications/2020/demo/[Link].

U.S. Department of Labor. (2021). Civilian noninstitutional population by sex, race and Hispanic ethnicity. Retrieved from: [Link]
15

noninstitutional-population-sex-race-hispanic.
16
Federal Reserve. (2020, November 17). Survey of Consumer Finances. Available from [Link]
17
Federal Reserve. (2020, November 17). Survey of Consumer Finances. Available from [Link]
18
Calculations made using U.S. Census Bureau, Current Population Survey, 2021 Annual Social and Economic Supplement (CPS ASEC) in CPSVision®.

Calculations made in partnership with Polygon Research using 2019 Survey of Consumer Finances microdata, 2019 inflation-adjusted dollars. Researcher information available from:
19

[Link].
20
Bureau of Labor Statistics. (2021). Employment status of the civilian noninstitutional population by race, Hispanic or Latino ethnicity, sex, and age, seasonally adjusted. Retrieved from:
[Link]

Horowitz, J., et al. (2021, March 5). “A Year Into the Pandemic, Long-Term Financial Impact Weighs Heavily on Many Americans.” Pew Research Center.
21

Retrieved from: [Link]

22
Oxfam. (2022, May 23). “Profiting from Pain.” Retrieved from: [Link]
23
Boesel, M. (2021, December 9). “Home Equity Gains Reached New Highs in 2021.” CoreLogic. Retrieved from: [Link]
in-2021/.
24
Calculations made using Home Mortgage Disclosure Act (HMDA) data for home purchases in 2021 in HMDAVision®.
25
Calculations made using U.S. Census Bureau, Current Population Survey, 2021 Annual Social and Economic Supplement (CPS ASEC) in CensusVision®.

Freddie Mac. (2022, July 20). “Quarterly Forecast: Market Slowdown will Continue as High Rates and Prices Exacerbate Affordability Challenges.”
26

Retrieved from: [Link]

27
Freddie Mac. (2022, July 20). “Quarterly Forecast: Market Slowdown will Continue as High Rates and Prices Exacerbate Affordability Challenges.”
Retrieved from: [Link]

Hale, D., and Speianu, S. (2022, June 13). “2022 Housing Market Forecast Midyear Update: More Options for Home Shoppers.” [Link]®.
28

Retrieved from [Link]

Calculations made in partnership with Polygon Research using 2019 Survey of Consumer Finances microdata, 2019 inflation-adjusted dollars. Researcher information available from:
29

[Link].
30
U.S. Census Bureau. (2022, August 2). Current Population Survey/Housing Vacancy Survey.
31
Calculations made using Home Mortgage Disclosure Act (HMDA) data for home purchases in 2021 in HMDAVision®.
32
CoreLogic. (2022, August 2). “U.S. Home Price Insights – August 2022.” Retrieved from:

[Link]
33
Federal Reserve Bank of St. Louis. (2022, July 26). “Median Sales Price of Houses Sold for the United States.” Available from: [Link]
34
Boesel, M. (2022, March 10). “Homeowners Gained Over $3.2 Trillion in Home Equity in 2021.” CoreLogic. Retrieved from: [Link]
3-2-trillion-in-home-equity-in-2021/.
35
Freddie Mac. (2021, May 7). “Housing Supply: A Growing Deficit.” Retrieved from: [Link]
36
Ratiu, G. (2021, September 9). “U.S. Housing Supply Continues to Lag Household Formations.” [Link]®. Retrieved from: [Link]
to-lag-household-formations/.
37
Kingsella, M., and MacArthur, L. (2022, July). “Housing Underproduction™ in the U.S. 2022.” Up For Growth. Retrieved from: [Link]
38
CoreLogic. (2022, May 3). “U.S. Annual Home Price Growth Exceeds 20% in March, CoreLogic Reports.” Retrieved from: “[Link]
growth-exceeds-20-in-march-corelogic-reports/.
 ENDNOTES

31

39
Freddie Mac. (2022, September 1). “Mortgage Rates Continue to Move Up.” Retrieved from: [Link]
40
U.S. Census Bureau. (2022, August 2). Current Population Survey/Housing Vacancy Survey.

Goodman, L., and Zhu, J. (2021, January). Urban Institute. “The Future of Headship and Homeownership.” Retrieved from: [Link]
41

and-homeownership.
42
U.S. Census Bureau. (2022, August 2). Current Population Survey/Housing Vacancy Survey.
43
Calculations made using U.S. Census Bureau, Current Population Survey, 2021 Annual Social and Economic Supplement (CPS ASEC) in CensusVision®.
44
Federal Reserve. (2020, November 17). Survey of Consumer Finances. Available from: [Link]
45
Fannie Mae. (2022). July 2022 National Housing Survey.
46
Federal Reserve Bank of St. Louis. (2022, June 9). “Households; Owners’ Equity in Real Estate, Level.” Available from: [Link]

Calculations made in partnership with Polygon Research using 2019 Survey of Consumer Finances microdata, 2019 inflation-adjusted dollars. Researcher information available from:
47

[Link].
48
Orozco, M., et al. (2021). “2021 State of Latino Entrepreneurship.” Stanford Business. Retrieved from: [Link]
[Link].
49
U.S. Census Bureau. (2020). Annual Business Survey: Business Characteristics of Respondent Employer Firms by Sector, Sex, Ethnicity, Race, and Veteran Status for the U.S. States, and Metro
Areas: 2019. Available from: [Link]
50
Orozco, M., et al. (2018). “2018 State of Latino Entrepreneurship.” Stanford Business. Retrieved from: [Link]
[Link].

U.S. Census Bureau. (2020). Annual Business Survey: Business Characteristics of Respondent Employer Firms by Sector, Sex, Ethnicity, Race, and Veteran Status for the U.S. States, and Metro
51

Areas: 2019. Available from: [Link]

52
Orozco, M., et al. (2021). “2021 State of Latino Entrepreneurship.” Stanford Business. Retrieved from: [Link]
[Link].

Bureau of Labor Statistics. (2022, June). “Job Openings and Quits Reach Record Highs in 2021, Layoffs and Discharges Fall to Record Lows.”
53

Retrieved from: [Link]

Parker, K., and Menasce, J. (2022, March 9). “Majority of workers who quit a job in 2021 cite low pay, no opportunities for advancement, feeling disrespected.” Pew Research Center.
54

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55
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56
The Kauffman Indicators of Entrepreneurship defines the rate of entrepreneurship as the share of non-business owner adults who begin a business per month. Fairlie, R. (2022, March).
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57
Anderson, M., et al. (2021, December 8). “The State of Gig Work in 2021.” Pew Research Center. Retrieved from: [Link]
2021/#fn-27788-2.
58
U.S. Census Bureau. (2022, June 30). “Selected Industries That Contributed to the U.S. Gig Economy: 2019.” Retrieved from: [Link]
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59
Orozco, M., et al. (2021). “2021 State of Latino Entrepreneurship.” Stanford Business. Retrieved from: [Link]
[Link].
60
Saenz, H., et al. (2021). “Closing the Capital Gap: Fueling the Promise of Latino-owned Businesses.” Bain & Company. Retrieved from: [Link]
bain_report_closing_the_capital_gap_fueling_the_promise_of_latino_owned_businesses.pdf.

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bain_report_closing_the_capital_gap_fueling_the_promise_of_latino_owned_businesses.pdf.

U.S. Census Bureau. (2020). “Annual Business Survey: Statistics for Employer Firms by Industry, Sex, Ethnicity, Race, and Veteran Status for the U.S., States, and Metro Areas: 2019.”
62

Available from: [Link]

U.S. Census Bureau. (2020). “Annual Business Survey: Statistics for Employer Firms by Industry, Sex, Ethnicity, Race, and Veteran Status for the U.S., States, and Metro Areas: 2019.”
63

Available from: [Link]

64
Orozco, M., et al. (2020). “2020 State of Latino Entrepreneurship.” Stanford Business. Retrieved from: [Link]
[Link].

U.S. Census Bureau. (2020). “Annual Business Survey: Statistics for Employer Firms by Industry, Sex, Ethnicity, Race, and Veteran Status for the U.S., States, and Metro Areas: 2019.”
65

Available from: [Link]

Bureau of Labor Statistics. (2022, January 20). Household Data Annual Averages: Table 18. Employed persons by detailed industry, sex, race, and Hispanic or Latino ethnicity.
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Available from: [Link]

67
[Link]
68
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[Link].
69
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71
Lamas, S., et al. (2021, September). “A Closer Look Into the Finances of Hispanic American Households.” Morningstar. Retrieved from: [Link]
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Lamas, S., et al. (2021, September). “A Closer Look Into the Finances of Hispanic American Households.” Morningstar. Retrieved from: [Link]
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 STATE OF HISPANIC WEALTH REPORT ENDNOTES

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89
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com/startups/latinx-startup-founders-vc-funding-something-ventured/.
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