DURHAM, N.C. (3/2/16)--The Latino population in North Carolina more than doubled between 2000 and 2010--to 800,100 from 378,000--creating new homeownership opportunities and a growing marketplace in the state, according to new research commissioned by Latino Community CU, Durham, N.C.
Most Latinos in North Carolina are relatively recent arrivals who are much younger (median age 24.3) than the total population (median age 37.9) and non-Latino white population (median age 42.6).
In 2010, 57% of Latino households were renters in North Carolina, a smaller share than in 2000 (68.7%).
Paralleling the decline in share of renters, the Latino homeownership rate increased sharply to 42.9% in 2010 from 31.3% in 2000. In contrast to the Latino community, the homeownership rate for North Carolina’s total population declined during the period to 66.7% from 69.4%.
Currently representing 3% of North Carolina’s total home mortgage market, Latinos received nearly 23,000 home loans worth almost $3.4 billion--with an average loan amount of $149,000--between 2011 and 2013.
The report said that tighter mortgage credit constraints have hampered some Latinos in securing mortgages.
“Unfortunately, until the housing market recovers and anxious financial markets overcome their current uncertainty and loosen their lending requirements, credit is unlikely to flow as needed, and Latinos will continue to be reluctant to apply for loans or pay a higher price for them,” the report said. “At a minimum, local actors must improve the information gap that exists about the home buying and mortgage application process.”