Homeownership among Hispanic households in the United States reached a historic milestone in 2023, reflecting resilience and determination despite economic challenges. According to the 2023 State of Hispanic Homeownership Report by the National Association of Hispanic Real Estate Professionals®️ (NAHREP), the Hispanic homeownership rate climbed to 49.5%—the largest increase for any racial or ethnic group compared to the previous year. This growth represents a net gain of 377,000 Hispanic owner-households, the largest single-year increase since 2005. Today, over 9.5 million Hispanic households own their homes.
This remarkable progress comes at a time when the housing market has been described as the least affordable on record, with rapidly rising interest rates and low housing inventory posing significant barriers. Yet, Hispanic homebuyers have shown remarkable adaptability by relocating to more affordable areas, co-borrowing for financing, and leveraging local and specialized programs to achieve homeownership.
The State of Hispanic Homeownership Report serves as an industry benchmark, offering a detailed analysis of Hispanic consumer trends, purchasing power, and key factors driving homeownership growth. It highlights the persistence of Hispanic families in securing the American Dream and underscores their growing influence in the housing market. For more insights, download the full report here or view Connecticut-specific data here.
Connecticut’s Time to Own Program: Expanding Homeownership Access
In Connecticut, state leaders are taking proactive steps to support first-time homebuyers through the Time To Own program. The Connecticut State Bond Commission recently approved an additional $40 million for the program, bringing the total investment to $195 million since its inception in 2022. As of November 11, 2024, $31.2 million remains available for loan reservations in this latest funding cycle.
Administered by the Connecticut Housing Finance Authority (CHFA) in partnership with the Department of Housing, Time To Own provides 0% interest, forgivable loans to help cover down payments and closing costs. These loans can be paired with a CHFA first mortgage, reducing financial barriers for aspiring homeowners.
To date, the program has supported over 4,800 first-time homebuyers across 149 towns, with over half of the recipients identifying as people of color. By investing in initiatives like Time To Own, Connecticut is demonstrating its commitment to expanding homeownership opportunities, strengthening communities, and addressing financial inequities in the housing market.
For eligibility and application details, visit chfa.org/TimeToOwn.