The Background.
In 2014, the National Association of Hispanic Real Estate Professionals (NAHREP) established the Hispanic Wealth Project (HWP), an initiative born out of the wake of the Great Recession, when Latinos lost up to two-thirds of their median household wealth.
It was then that the organization set the audacious goal to triple household Hispanic wealth by 2024. To that end, the HWP produced a blueprint outlining three primary areas of focus:
- Increasing Hispanic wealth through homeownership
- Increasing Hispanic wealth through small business ownership and scaling
- Increasing Hispanic wealth through savings and investments
The Progress.
Eight years after the creation of the Hispanic Wealth Project (HWP) and two economic crises later, Latinos continue to surge forward with a level of resilience that has come to characterize the U.S. Hispanic community. By all measures, Latinos are on track to reach the HWP goal for median household wealth by 2024, and possibly earlier.
The Hispanic Wealth 2022 survey results highlight how networks, narrowing knowledge gaps, and a zealous community’s pursuit of the American dream offer a roadmap for closing the wealth gap.
The Hispanic Wealth 2022 Report Methodology.
For the first time in 2022, the project conducted a survey of its own network, Latino members of the National Association of Hispanic Real Estate Professionals (NAHREP). NAHREP is a non-profit trade association with a network of over 40,000 real estate professionals and 100 chapters that include real estate agents, brokers, mortgage professionals, and settlement service providers.
The organization’s mission is to advance sustainable Hispanic homeownership. NAHREP members are influencers within their community, aiding their clients in what is often the largest financial transaction of their lifetime — purchasing a home.
The nature of their businesses means NAHREP members are often viewed as resources for their clients’ finances, spanning beyond real estate transactions.
The Hispanic Wealth Project utilizes the data from this survey to engage the NAHREP network in programs tailored to advancing their individual financial soundness, creating in turn a multiplier effect across the greater Latino community.
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Thanks for this report. It’s inspiring to see Hispanic leadership helping their community achieve the American Dream “by their bootstraps” with a cogent plan and passionate support.