Sept. 15th marks the start of National Hispanic American Heritage Month. The significance of Sept. 15th comes from the anniversary of independence for Latin American countries Costa Rica, El Salvador, Guatemala, Honduras, and Nicaragua. In addition, Mexico and Chile celebrate their independence days on Sept. 16th and Sept. 18th respectively.
The United States started to celebrate Hispanic Heritage Month back in 1968, then known as Hispanic Heritage Week, under President Lyndon Johnson. The recognition was then expanded to cover a 30-day period under President Ronald Reagan. Each year, we celebrate National Hispanic American Heritage Month from Sept. 15th through Oct. 15th.
Hispanic Homeownership
According to the 2020 State of Hispanic Homeownership Report, Latinos are the only demographic in the U.S. to increase their rate of homeownership for each of the past six years, even despite COVID-19. According to a survey conducted by realtor.com, 50% of Latino homebuyers reported that COVID-19 accelerated their home purchasing plans in 2020, compared to the 41% of the general population.
Currently in Illinois, the Hispanic Homeownership rate is at 54.61%, with 17.5% of the population being Hispanic. The Hispanic unemployment rate sits at 3.6%, with the median household income for Hispanics being $60,252.
According to the report, Latinos are the driving force behind young homeownership. In 2020, the median age for all first-time buyers was 33. Nearly half (43.6%) of Latino homebuyers were under the age of 34, and 71.9% were under the age of 44, in comparison to only 62.8% of the general population of homebuyers and 62.2% of non-Hispanic White buyers were under the age of 44.
You can review the entire 2020 State of Hispanic Homeownership Report here.
Resources and Education
You can learn more about the history and significance of National Hispanic Heritage Month here.
Learn more about one of our affiliated real estate partners, The National Association of Hispanic Real Estate Professionals (NAHREP) and their local chapters, NAHREP Chicago North, NAHREP Chicago West, and NAHREP Lake County.
Celebrate Hispanic Heritage Month on Social Media
You can download Mainstreet’s National Hispanic Heritage Month Photofy banner graphic to help celebrate Hispanic Heritage Month! Don’t have Photofy yet? Don’t worry! As a Mainstreet member, you receive free access to Photofy, a mobile app that allows you to quickly access personalized social media content. Simply follow this link and follow the steps to register for your complimentary account. Its easy! Get started today.