CHICAGO — Latinos have the largest household size in the U.S., new data from the Census reveals. The entity analyzed families and living arrangements in 2023 and found that Latinos have an average of 3.6 people per household.
The figure is above the national average for people per household, 3.15. In comparison, Black families have an average of 3.3 people per household and Asian families have an average of 3.34 people per household.
The new data shows that Latino households are more likely to be multigenerational, as other studies have revealed in past years. According to an analysis from the National Association of Hispanic Real Estate Professionals (NAHREP), 31.7 percent of households are multigenerational. The study also found that young Latinos are likely to purchase homes with their parents, which could contribute to the increase in multigenerational households.
"Multigenerational families tend to look for larger homes that can accommodate an accessory dwelling unit (ADU), a mother-in-law suite, etc., to accommodate their family members," read NAHREP's report.
The new data comes at a time when Latinos in the U.S. also face hardships in owning a home and increasing their wealth.
According to the National Association of Realtors (NAR) Hispanic homeownership levels have increased in recent years; however, they remain far below ownership rates for Whites. According to the report, Latinos made up only seven percent of all homebuyers in the United States between July 2022 and July 2023. White Americans made up 88% of all homebuyers.
Additionally, Latinos have lower average incomes and it is harder for them to purchase homes. According to the U.S. Census, the median income for a Hispanic household was $62,800 in 2022, but according to Redfin, the typical income to afford a home in the U.S. is $115,000. The difference in income means that that Latinos would need to make an additional $52,000 to afford a home.
Currently, New Mexico, Texas, Arizona and Florida are the states with the largest share of Latino homeowners. While ownership in New York and California, typically considered among the most expensive states to live in, had lower shares of Latino homeowners.
According to state Attorney General Letitia James, Black and Latinos struggle to obtain homes in New York due to systemic barriers that cause them to be rejected for home loans at higher rates than Whites.
Latinos have also struggled to build their wealth, as shown in a recent Pew Survey, which could impact whether they can afford homes. In 2021, Latinos had an average net worth of $48,700, which paled in comparison to the average net worth of Whites, which stood at $197,000.
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