New U.S. Census data reflected in housing market

New U.S. Census data reflected in housing market

New U.S. Census data reflected in housing market
The U.S. population is more diverse than ever before. According to new data learned from the 2020 Census, people of color account for 43 percent of the total U.S. population. That is up from 34 percent in 2010. In California, Hispanic households outnumbered all other races or ethnicities for the first time. And this change has been mirrored in the housing market as well.

Hispanic households are expected to account for nearly 70 percent of new homeownership numbers over the next 20 years, according to a forecast from the Urban institute.

The rate of household formation has so far been resilient to rising home prices. It remains to be seen however, how long-term elevated home prices will impact new home purchases especially for minority populations.

Today, conforming no-point 30-year fixed mortgage rates are averaging 2.75 percent and 15-year rates are near 2.00 percent.

Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.