The Latino population in the United States has seen a remarkable increase in financial prosperity, with a growth of over 60% in wealth since 2019. This rise is more pronounced than that seen in both Black and non-Hispanic white households. According to LATITUDE Co-Founder and Partner, Gary Acosta, this can be largely attributed to factors such as homeownership, deeply-rooted family values, and the cascading positive effects these have on overall financial stability and growth.
In the year 2022, the Latino community marked a significant milestone in home buying, outpacing previous years. This surge is the result of a collective effort to seek out affordable housing and job opportunities in welcoming communities. Acosta points out that this trend is buoyed by the strategic identification of emerging markets and the value Latinos place on owning a home.
Demographics and Prosperity
The relatively young median age of 30.7 within the Latino community is a vital aspect in the community's economic narrative. As more Latinos approach the age at which buying a home becomes feasible, their economic achievements tend to multiply, fostering an uptick in homeownership rates.
Resilience of Latino Businesses
Latino entrepreneurs have demonstrated remarkable resilience, particularly in the wake of the pandemic. Latino-owned businesses bounced back faster than anticipated, recording a median revenue increase of 25% from 2019 to 2022. Acosta recognizes the importance of scalability and wealth creation through business ventures as a vehicle for lasting economic impact within the community.