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 Gilbert, chairman of Rock Ventures and Quicken Loans, which is a partner in the effort.
The three goals of the project are to achieve the following over the next decade:
- A 50 percent or higher rate of U.S. Hispanic homeownership.
- Boost by 50 percent the first-year success rate of Hispanic-owned small businesses.
- Increase by 25 percent the number of Hispanic households owning noncash financial assets, such as stocks, bonds, mutual funds and 401(k) accounts.
“The blueprint offers actionable ideas, and invites support and participation from individuals, corporations, government, academia and other nonprofits,” said Henry Cisneros, chairman of the advisory board for the Hispanic Wealth Project.
NAHREP will recognize initiatives conducted by coalition partners that support the blueprint, and produce annual reports and symposiums to review and accelerate the project.