Markets & Economy

Real estate group unveils plan to boost Hispanic wealth

Organization aims to increase demographic's homeownership rate by 50 percent in 10 years

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In the wake of a housing downturn that pummeled Hispanic wealth, the National Association of Hispanic Real Estate Professionals (NAHREP) has released a plan for tripling the demographic's net worth in the next 10 years. Hispanic household wealth was disproportionately impacted by the real estate bust, plunging by two-thirds between 2005 and 2009, according to the Pew Research Center. By comparison, household wealth among whites fell by only 16 percent during the same period. The median household wealth of Hispanics today is $13,700, less than 10 percent of the median non-Hispanic white population, according to the NAHREP. The goal of the "Hispanic Wealth Project Blueprint" is to rally individuals, corporations, government and other organizations around closing that gap. "When a sector as large and important as the Hispanic community grows its financial capability and success, the strength and well-being of our overall economy is also positively affected," said Dan G...