Polygon Research and the National Association of Hispanic Real Estate Professionals (NAHREP) policy team worked side-by-side to gain insight into the drivers of Hispanic wealth. We supported the policy research team at NAHREP with microdata analysis of the 2022 Survey of Consumer Finances. This culminated in a report that NAHREP and the American Center for Economic Advancement dba Hispanic Wealth Project released today: the "2023 State of Hispanic Wealth Report." The report is a comprehensive discussion of wealth accumulation, homeownership trends, and investment behaviors among Hispanic households.
The report is available on the Hispanic Wealth Project website: State of Hispanic Wealth Report (hispanicwealthproject.org)
The report discusses both the progress and the challenges. It highlights a notable increase in Hispanic household wealth, which, as per our analysis, has seen significant growth since the last survey.
Homeownership continues to be a critical pillar of wealth for Hispanic families, with the report indicating a positive correlation between owning a home and overall net worth. This finding aligns with NAHREP's advocacy for increasing homeownership rates as a strategy for wealth building within Hispanic communities. Our analysis underscores the impact of real estate investment on individual and familial financial stability.
Using the micro data of the SCF, we delved deeper into the question of wealth. We extracted insights about the impact of business ownership and wealth distribution among Hispanic families.
The report also puts a spotlight on the increasing trend in stock and retirement account ownership among Hispanic households, and that despite this positive trend, there's still a gap compared to the general population. This gap highlights the importance of financial literacy and access to investment opportunities as avenues for wealth diversification and long-term financial security.
Our collaboration with NAHREP on this report is more than an academic exercise; it's a commitment to empowering communities with data-driven insights that can guide policy, inform individual financial decisions, and ultimately, contribute to closing the wealth gap. As we reflect on the findings of the "State of Hispanic Wealth Report," we're reminded of the power of partnership and the role of research in paving the way for economic prosperity for all.
Polygon Research remains dedicated to leveraging our expertise in data analysis to illuminate the path to wealth for Hispanic communities and beyond. We are grateful for the opportunity to collaborate with NAHREP and look forward to continuing our joint efforts to foster financial inclusion and empowerment.