© 2023 Fannie Mae

The Latino Housing Journey
2

Fannie Mae has taken a problem-solving approach in order to provide solutions to the housing industry designed to knock down barriers to 

homeownership and housing stability for people historically underserved because of race, ethnicity, or geography. We have developed the 

Latino Housing Journey as our second use case to identify the distinct obstacles that may affect Latino renters’ and homeowners’ journeys to 

stable housing and sustainable homeownership.

Approach and position

• As Fannie Mae continues to advance equity in housing, we will leverage the Latino Housing Journey to develop solutions that address the 

identified barriers to close the Latino–white homeownership gap and remove obstacles to affordable, stable rental housing.

• The obstacles in this review are not mutually exclusive, and Latino consumers often encounter multiple obstacles across various stages of 

the Latino Housing Journey. The cumulative impact limits Latino consumers’ housing options and ability to build wealth.

• Urban Institute has cited: “From 2020 to 2030, we expect 8.5 million new households will be formed, with only 455,000 of these being white. 

We forecast 1.7 million net new Black households, 4.1 million net new Latino households, and 2.3 million net new Asian and other

households from 2020 to 2030. Between 2030 and 2040, we expect 7.6 million net new households: a 1.1 million net decrease in white 

households, a 1.6 million net increase in Black households, a 4.5 million net increase in Latino households, and a 2.6 million net increase in 

other households.” Understanding the changing make-up of households requires an increased understanding and commitment to resolve 

the obstacles faced.

• These findings are based on literature review and primary research on the consumer population and informed by industry engagements. As 

Fannie Mae continues to advance equity in housing, we will include additional Consumer Housing Journeys for obstacles faced by 

historically underserved groups, such as Native American people.

Understanding the Consumer Housing Journey

How to use this document

• Due to the multiple sources with different methodologies and approaches to research, we suggest reviewing the full body of research

and references detailed at the end of this document.

• Leverage this consumer-centric framework to develop actions to address the key obstacles faced by Latino consumers. Engage with 

housing market participants to share and include your data/research in this Latino Housing Journey framework.
3

CONSUMER FOCUSED

Experiences and early education can 

inform the path to quality rental 

housing and homeownership.

Transitioning to a new 

home, for whatever reason, 

can present its own 

challenges and 

opportunities.

Consumers can face multiple hurdles when they shop for, 

buy, rent, or finance a home.

Housing stability means navigating 

maintenance and upkeep, as well 

as the ability to withstand 

disruptions and crises.

OR

LATINO HOUSING JOURNEY The Consumer Housing Journey framework is 

used to highlight obstacles that Latino consumers face 

across their housing journey
4

BACKGROUND

U.S. homeownership rate by race (2021) Homeownership rate by household income (2021)

Non-Latino 

White, 

73%

Latino,

51%

Non-Latino 

Black, 

44%

0%

20%

40%

60%

80%

100%

Homeownership rate 2021

Source: Fannie Mae computations from American Community Survey PUMS 1-year estimates, 2021. Source: Fannie Mae computations from American Community Survey PUMS 1-year estimates, 2021.

AAPI: Asian Americans and Pacific Islanders.

29-point 

gap

22-point 

gap

79.7

68.1

57.4

50.0

37.6

79.3

67.6

52.7

38.9

31.9

79.2

67.8

51.2

35.0

26.4

89.0

83.6

74.2

64.1

52.3

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

$150,000 or more

$100,000 - $150,000

$50,000 - $100,000

$25,000 - $50,000

Less than $25,000

Non-Latino White Non-Latino Black Latino Non-Latino AAPI

LATINO HOUSING JOURNEY CONSUMER FOCUSED The homeownership rate gap

Latino households had a 51% homeownership rate in 2021, 22 percentage points lower than white non-Hispanic households. The 

homeownership gap starts to decrease as income increases; however, there is still roughly a 10-percentage point difference between $150K+ 

white and Latino households. Across our country, communities divided by class and color that suffered from a discriminatory past continue to 

suffer a persistently diminished present, with housing at the crux of the divide. 
5

LATINO HOUSING JOURNEY BACKGROUND

4 million Latino renter 

households would need to 

convert to homeownership 

in order to close the gap vs. 

non-Latino white 

households.

69%

73%

44% 44%

42%

51%

52%

63%

30%

35%

40%

45%

50%

55%

60%

65%

70%

75%

80%

1990 2000 2010 2015 2016 2017 2018 2019 2021

Non-Latino White Non-Latino Black Latino Non-Latino AAPI

Source: Fannie Mae computations from IPUMS microdata for Decennial Census, 1990-2010; American Community Survey PUMS 1-year estimates, 2015-2019, 2021. 2020 datapoints are omitted due to quality concerns. 

AAPI: Asian Americans and Pacific Islanders.

Racial homeownership trends

Latino homeownership rates have grown slightly since the early 1990s, but the Latino population still has the second-lowest homeownership 

rate among historically underserved groups in the United States. To close the homeownership gap, ~4 million Latino renter households would 

need to become homeowners — representing almost half (46%) of Latino renter households in 2021.
6

According to Fannie Mae’s last National Housing Survey, renters across most demographic groups aspire to buy a home one day, and this 

aspiration is greatest among historically underserved groups. 

LATINO HOUSING JOURNEY BACKGROUND

76% of renters intend to buy at some point in the 

future

Among renters, by demographic group:

Q3 2022

71%

86%

74%

94%

White (W)

Black (B)

Latino (L)

Asian*(A)

*Caution: low n-size (Asian Renters: n=94) 

Source: Fannie Mae Q3 2022 National Housing Survey

% Buy at some point Source: Fannie Mae Q3 2022 National Housing Survey

% Buy at some point

W/B/L/A: Letter next to data label denotes the number is significantly higher than the segment that the letter represents at 

the 95% confidence level

Homeownership gap is not explained by 

lack of desire to own
7

42%

53%

57%

44%

51%

56% 58%

44%

0%

10%

20%

30%

40%

50%

60%

70%

Non-Latino White

Latino

Non-Latino Black

Non-Latino AAPI

Non-Latino White

Latino

Non-Latino Black

Non-Latino AAPI

Single-Family Burdened Multifamily Burdened

Source: Fannie Mae computations from American Community Survey PUMS 1-year estimates, 2021. 

AAPI: Asian Americans and Pacific Islanders.

*Households are housing cost-burdened if they spend more than 30% of their income on monthly housing costs. 

For renters monthly housing costs are rent + utilities.

Share of renters who are cost-burdened*

Rising rental burdens BLACK HOUSING JOURNEY

17%

14% 14%

17%

-10%

-5%

0%

5%

10%

15%

20%

2005 2007 2009 2011 2013 2015 2017 2019 2021

Median Renter Household Income Median Gross Rent

Growth in median renter income and gross rent 

(percent change from 2005)

Source: Fannie Mae computations from American Community Survey PUMS 1-year estimates, 2015 – 2019, 2021. 

2020 datapoints are omitted due to quality concerns. Gross rent is rent plus utilities.

Rising home prices coupled with income inequality has placed affordable rental housing even further out of reach and disproportionately harms 

Black and Latino consumers who are more likely to be rent cost-burdened.* Just under half of Latino consumers are renting and about half are 

in single-family rentals (1 – 4 units). Resolving the issues of housing affordability requires focused action to create affordable housing, preserve 

existing rental stock, and establish tenant protections.
8

LATINO HOUSING JOURNEY BACKGROUND

The Latino population has unique demographic characteristics, which may affect their journey to homeownership.

39%

20%

26%

56%

0%

20%

40%

60%

80%

Non-Latino White Latino Non-Latino Black Non-Latino AAPI

% with college degree or higher

4%

32%

10%

64%

0%

20%

40%

60%

80%

Non-Latino White Latino Non-Latino Black Non-Latino AAPI

% immigrant (persons foreign-born)

2.3

3.1

2.4

2.9

0.0

1.0

2.0

3.0

Non-Latino White Latino Non-Latino Black Non-Latino AAPI

Average number of people in household

$65,153 

$56,780 

$45,493 

$89,046 

 $-

 $20,000

 $40,000

 $60,000

 $80,000

 $100,000

Non-Latino White Latino Non-Latino Black Non-Latino AAPI

Average renter household income

Source: Fannie Mae computations from American Community Survey PUMS 1-year estimates, 2021. 

Universe for educational attainment is population 25 years and older. AAPI: Asian Americans and Pacific Islanders.

Demographic attributes
9

LATINO HOUSING JOURNEY BACKGROUND

Percent Central American Percent Puerto Rican

Percent Mexican Percent Cuban

SOURCE: 2019 American Community Survey

Country of origin

The Latino population primarily lives in coastal and border states, and people immigrating from the same country of origin tend to concentrate 

in a few states, some of them with higher costs of housing (CA, NY). Each population may have unique characteristics or housing needs.
10

While the first use case was to apply the Consumer 

Housing Journey to Black consumers, the second 

use case focuses on Latino consumers and 

chronicles the major housing challenges Latino 

people face throughout their housing journey. 

The housing journey identifies the stages all homeowners or 

renters experience

Key obstacles 

Access to credit

Household financial 

profiles create 

barriers to savings 

with higher shares of 

housing cost 

burdens, thin credit, 

or higher debt-toincome ratios.

Financial resilience

Smaller savings for 

post-purchase 

maintenance, natural 

disasters, or income 

disruptions.

Up-front & ongoing 

housing costs

Limited funds for 

security deposits, 

down payments/ 

closing costs, lower 

credit scores, and 

credit invisibility.

Inadequate 

affordable supply

Property resilience

Higher rates of 

housing repair needs, 

aging housing stock, 

and disproportionate 

exposure to 

hazardous risks and 

climate effects.

Note: Obstacles are shared with the Black Housing Journey.
11

Consumers who identify as Black and/or Latino share many obstacles, and 

we have an opportunity to design solutions that impact both consumer 

groups LHJ obstacles BHJ obstacles

* Indicates where Fannie Mae has acted within the Equitable Housing Finance Plan.

Citizenship/non-citizenship status

Language preference/barriers

Negative experience with mainstream 

financial services/mistrust of banks

Higher household density misalignment 

with traditional financing, affordable 

products, rentals

Employment instability

Long-term effects of land loss from 

historical discriminatory exclusion 

from legal, title, and loan resources

Lower home value appreciation

Long-term effects of pervasive 

predatory mortgage lending during 

the late 1990s and early – mid -2000s

Higher tax rates

Diminished family and household 

wealth arising from past explicit 

federal discriminatory lending 

practices (redlining)

Mortgage/rent applications denied 

at higher rates, even when 

controlling for credit and other 

factors

Shared obstacles

Higher concentration in 

high-cost markets

Higher closing costs relative 

to income

Lack of credit availability in 

historically redlined 

communities

More likely to receive a 

high-cost mortgage loan

Higher rental application 

fees

Appraisal bias

Racial steering by property 

owners & real estate 

professionals

Restrictive zoning/antiimmigrant housing 

ordinances (AIHOs)

Higher insurance costs due 

to unequal effects of 

climate change

Exposure to environmental 

hazards & climate risks *

Underutilization of/limited 

acceptance of Housing 

Choice Vouchers by 

property owners

Shown fewer 

rentals/difficulty obtaining 

rental listings

Higher debt-to-income ratio

More credit invisibility and 

lower credit scores *

Higher instance of 

“unbanked” households

Greater usage of more 

expensive, non-traditional 

financing

Lower instance of renters 

insurance

Higher incidence of 

unexpected fees during 

rental lease & excessive rent 

increases during lease 

renewal *

Misalignment of housing 

products criteria with gig 

economy income *

Limited emergency 

savings/post-purchase 

challenges/higher rates of 

home repair needs *

Lower household 

income

Aging housing 

stock

More difficulty in 

passing financial 

background checks

Higher rates of 

rental arrearage & 

eviction

Less likely to 

refinance

Rental approval process knowledge gap

Frequent moving

Traumatic experience 

with homeownership 

during Great 

Recession

Difficult 

experience/ 

perception 

obtaining a 

mortgage *

Less 

access/availability 

of tenants rights

Higher shares of 

housing cost 

burden

Limited savings for 

up-front/ongoing 

costs *

Higher insurance costs

Income 

volatility

Informal income
12

• Language — Spanish language 

preference/barriers

• Racial steering by landlords and real 

estate professionals

• Legacy of redlining

• Anti-immigrant housing ordinances 

(AIHOs)

• Less likely to refinance to gain more 

favorable loan terms

• Underutilization and limited acceptance 

of Housing Choice Vouchers by landlords 

• Gentrification/displacement 

• Lower home values

• Exposure to environmental hazards and 

climate risks

• Lack of available financing to 

construct/renovate ADU dwellings for 

LMI homeowners

• Informal and gig economy

• Lower household income

• Wealth disparities 

• Difficulty in passing financial 

background check 

• Higher incidence of eviction and rental 

arrearage

• Unexpected fees during rental lease 

and excessive rent increases during 

lease renewal 

• Employment instability/income 

volatility 

• Lower instance of renters insurance 

• Frequent moving 

• Health barriers

• Traumatic experience with foreclosure 

during the financial crisis

• Shown fewer rentals/difficulty 

obtaining rental listings

• Limited knowledge of tenants rights

• Rental approval process knowledge gap

• Exposure to environmental hazards and 

climate risks

• Underutilization of/limited acceptance 

of Housing Choice Vouchers by property 

owners

Demographic 

characteristics

Household financial 

profiles

Knowledge, attitude, 

and experience

Systemic challenges

• Higher household density misalignment 

with traditional financing, affordable 

products, and rentals

• Citizenship/non-citizenship status

• Concentration in high-cost markets

• Geographic racial/ethnic diversity 

• Inadequate affordable supply

• Higher closing costs

• Higher usage of more expensive, 

non-traditional financing

• Higher debt-to-income ratios

• Higher shares of housing cost burdens

• Limited savings for down payments,

and closing costs/high up-front rental 

costs (security deposits & application 

fees)

• Lower credit scores and more credit 

invisibility

• Limited emergency savings/postpurchase maintenance challenges

• Higher ratio of Latino renters live in 

single-family rentals

• Higher percentage of unbanked 

households 

• Negative experience/mistrust of 

mainstream financial services

• Perceptions on and experience in 

difficulty of getting a mortgage

• Limited awareness of flood and wildfire 

risk and flood insurance

We identified four prominent themes of significant and distinct 

barriers Latino families face to access stable housing finance 
13

Over the last few years, we introduced innovative solutions and policy changes to progress equity in the housing finance ecosystem. This is just the 

beginning. Using the journey as a roadmap, we can drive an aligned view and greater understanding of the housing obstacles facing Black and Latino 

renters and homeowners and determine where we can drive actions or partnerships across the industry that can have the greatest impacts to reduce 

or eliminate the obstacle.

Housing Preparation Renting or Buying Move In and Maintain Diversify the Industry

• Expanded Financial Capability 

Coaching & HUD-approved counseling 

• HomeView® and HomeView® Spanish

• Climate analytics

• Expanded counseling services 

to renters and borrowers

• Special purpose credit program 

home retention features

• Fair servicing best practices

• Neighborhood revitalization and 

infill in Baltimore, MD

Address broader challenges

through education

Ensure housing stability Provide support throughout 

the housing lifecycle

Access to quality rental & 

opportunities for homeownership

• Future Housing Leaders®

• Appraiser Diversity Initiative

• MF Borrower Diversity Program

• DUS® Correspondent Lender Diversity 

Program

• Positive Rent Payment History & 

cashflow underwriting in Desktop 

Underwriter® 

• Positive Rent Payment service for 

renters

• Solutions to defray up-front renter 

security deposits

• Closing costs concessions and 

Attorney Opinion Letters

• Special purpose credit programs

• Appraisal modernization and 

valuation products

• Sponsor-Dedicated Workforce & 

Sponsor-Initiated Affordability 

housing

• Developing micro-factories for 

modular home finishings

• Housing opportunities for creditinvisible Black renters

• Value derived from Social Index

1 2 3 4

We’re focused on knocking down barriers across the consumer 

housing journey for Black & Latino renters & homeowners
Detailed Findings
15 Confidential and Proprietary Information 

Demographic characteristics influence early 

experiences with the housing finance system

Key points/implications

• Latino consumers/households often do not have family wealth or relatives they can “lean on” to help them transition to homeownership.

• Latino consumers who are non-US citizens may not be as familiar with the U.S. housing system.

BACKGROUND

Latino households tend to live near each other in higher-cost, more dense urban areas. Racial/ethnic differences in geographic location contribute substantially to the white-Hispanic gap in 

the mortgage transition rate. Hispanic people have lower affordability than white people. (Dey and Brown, 2022)

Latino households are more multi-generational.

8% of Hispanic households live with other generations compared to 3% of white non-Hispanic households. (Fannie Mae calculations using 2019 ACS PUMS)

There is a lack of affordable housing where Latino people live. 74% of surveyed Latino real estate professionals reported the average home in their market received between 6 and 20 offers, 

with 12% reporting more than 20 offers per property. 54% said “too few homes for sale in client’s price range” was the number one barrier to Latino homeownership. (NAHREP State of Hispanic 

Homeownership, 2021)

Hispanic people who speak English “very well” or “exclusively” are nearly twice as likely to be homeowners as are those who are less proficient in speaking English. (Borjas, 2002)

35% of Latino real estate professionals surveyed said at least half of their buyer transactions were conducted entirely in Spanish. (NAHREP State of Hispanic Homeownership, 2021)

Language barriers and immigration status are obstacles to accessing resources such as homeless services and federal housing assistance (in Philadelphia). Other challenges include 

mistrust outside the Hispanic community, public charge, and deportation fears. (Aiken, Reina, and Culhane, 2021)

80% of Latino people in the U.S. are U.S. citizens, and the share of U.S. Latino people who are immigrants is declining and varies by country of origin. Immigrants constituted a declining 

share of the Latino population, decreasing from 40% to 33% from 2007 to 2019. In 2019, one-third of Latino people were born outside the U.S. (Krogstad and Noe-Bustamante using 2007 and 

2019 ACS PUMS, 2021)

71% of Hispanic renters say they would have difficulty getting a mortgage; in comparison, 58% of white renters say they would have difficulty getting a mortgage. (Fannie Mae National 

Housing Survey, Q4 2021)

When going through the mortgage process, Hispanic renters find friends and family (25%) more influential than real estate professionals (23%) or lenders (8%). This is different than Black 

renters, who say real estate professionals would be most influential (23%), followed by mortgage lenders (13%) and government agencies (13%). (Fannie Mae National Housing Survey, Q2 2021)

15
z

Research finds that socioeconomic factors (age, education, household) explain much, but not all, 

of the homeownership gap. Income and wealth are also particularly important. (Begley, 2020)

Households who become homeowners have higher income, more stable income, higher lifetime income 

expectations, and more savings. Wealth is generally found to be a more important factor than income 

in explaining homeownership gaps. (Begley, 2020)

Black and Hispanic renters have lower incomes and less liquid savings in comparison to white 

renters. (Fannie Mae calculations using 2019 SCF)

Hispanic families are less likely to have help building wealth:

72% of white families report they could get $3K from family or friends, compared to 58% of Hispanic 

families and 41% of Black families. Black and Hispanic families are less likely to have received or expect an 

inheritance. (Fannie Mae calculations using 2019 SCF)

Hispanic renters are significantly more cost-burdened in comparison to white renters across all age 

cohorts. The gap is widest among the 25 – 44 and 45 – 64 age cohorts — the prime periods for 

homebuying, building wealth/financial capacity, and raising families. (Fannie Mae calculations using the 

2019 ACS PUMS)

Ages 25 – 44: Hispanic: 52%, white: 35%

Ages 45 – 64: Hispanic: 50%, white: 41%

Socioeconomic factors, including disparities in income, jobs, 

and wealth, are barriers to homeownership

Key points/implications

• Socioeconomic factors such as age, education, and household composition, along with income and wealth, explain much, but not all, of the homeownership gap.

• Latino consumers/households often do not have family wealth or relatives they can “lean on” to help them transition to homeownership.

• Latino households experienced predatory lending practices and high rates of foreclosure during the housing crisis. 

BACKGROUND

Predatory lending practices prior to the housing crisis

From 2007 to 2013, nearly one in four Latino homeowner households lost their 

homes to foreclosure, a stunning proportion exceeding that of any other ethnoracial group. (Reid, et al., 2017)

Pervasive mortgage lending discrimination during the 1990s and 2000s led to 

the disproportionate receipt of subprime, interest-only, balloon, jumbo, or other 

risky loan products for Latino homebuyers (Bowdler, 2009; Garriga, Ricketts, and 

Schlagenhauf, 2017; Immergluck, Earl, and Powell, 2019) even when they were 

qualified for better loans (UnidosUS, 2019; Wilberg Ricks, 2009).

The homeownership gap between Hispanic and white households is large but has 

decreased over time:

• There is a 24 percentage point gap in homeownership between Hispanic and white 

households, but the gap was 27 percentage points in the early ’90s. (2019 ACS)

Job/income instability is higher for Hispanic renters.

• Job loss concern is typically higher among Hispanic renters than white or Black 

renters. (Fannie Mae National Housing Survey, Q4 2021)

• Lack of job security is cited as a larger mortgage obstacle for Hispanic renters (19%) 

in comparison to Black (6%) or white renters (12%). (Fannie Mae National Housing 

Survey, Q4 2021)

16
Latino people are shown fewer housing units and steered toward 

lower-income neighborhoods in comparison to white home-seekers 

who are identical in every respect besides race or ethnicity. (Turner, et 

al., 2013) 

Real estate professionals show Hispanic consumers more 

disadvantaged neighborhoods. Black consumers are shown 

more disadvantaged neighborhoods with lower shares of skilled (-

3.02%) and college-educated residents (-3.4%). The disparities are 

even larger for Hispanic consumers when looking at the share of 

skilled workers. (Christensen and Timmins, 2021)

Recent work from the Chicago Federal Reserve Board identifies 

significant long-term negative effects of the Home Owners’ Loan 

Corporation (HOLC) “redlining” maps on neighborhood investment 

and credit access. (Aaronson, et al., 2021)

Nationally, nearly two-thirds of neighborhoods deemed “hazardous” 

through redlining procedures in the 1930s are inhabited by mostly 

minority residents, typically Black and Hispanic. (Mitchell and Franco, 

2018)

RESEARCH &DATA 

Prospective Latino buyers have historically been hindered 

by racial bias and discrimination in the homebuying 

process

Choice of lender/broker may contribute to differences in mortgage 

costs for underserved borrowers.

Underserved borrowers pay higher mortgage broker fees when going to 

a white broker; Hispanic borrowers have higher fees when going to a 

Hispanic broker; and there is no difference in fees for minority and 

white borrowers when going to a Black broker. This emphasizes how 

lender/broker selection contributes to the differences in mortgage costs 

across white and minority borrowers. (Ambrose, et al., 2021) 

(Broker fees include origination fees plus premiums, so they include 

origination costs and rates.)

It appears that lenders and mortgage brokers make their most 

favorable offers to borrowers that they consider knowledgeable 

about competing alternatives. Borrowers in neighborhoods with low 

educational attainment receive substantially higher-cost offers, and 

although a significant share “walk away” from these offers, enough 

accept them to be profitable to lenders and brokers. (Woodward, 2008)

Hispanic consumers pay proportionally 

larger closing costs. If Black and Hispanic 

low-income first-time homebuyers’ median 

closing costs as a percent of purchase price 

had been equal to those of their white nonHispanic counterparts, their costs would have 

been reduced by $180 and $379, respectively. 

(Fannie Mae Closing Cost Study, 2021)

Hispanic applicants were denied 1.1 times 

the rate of white applicants in 2017 after 

controlling for credit and other factors. 

(Goodman and Bai, 2018)

Case studies in the South reveal that anti-immigrant housing 

ordinances (AIHOs) impact the security and rental and 

homeownership options of Mexican immigrants in new suburban 

gateways. AIHOs range from regulation of density (overcrowding), 

family size or “bloodline policy” standards, parking restrictions, and 

housing additions to yard and façade maintenance. (Arroyo, 2021)

17
Hispanic consumers have a higher percentage of unbanked households in comparison to white 

households. This could be a strong contributing factor to having a poor or no credit score. Percent 

unbanked: 12.2% for Hispanic, 13.8% for Black, and 2.5% for white households in 2019. 

Additionally, “Don’t trust banks” was cited by 16.1% of unbanked households as the secondhighest main reason for not having a bank account. The top main reason cited, 29%, was not having 

enough money to meet minimum balance requirements. (FDIC Survey, 2019)

Hispanic adults are 11% more likely to be unbanked compared to the full population. (Brevoort, 

et al., 2016) 

Limited credit histories are equally common for Black and Hispanic Consumers, but Hispanic 

consumers are slightly more likely to be credit invisible and less likely to be unscorable. 

Individuals are considered credit invisible if they have a limited or no documented credit history or 

no credit score with any of the three national credit bureaus (Brevoort, et al., 2021), and they are 

more likely to have an unscored credit record due to lack of history, which limits their access to 

financing (Brevoort, et al., 2016).

Hispanic mortgage applicant median credit scores are lower than white applicants 

(Hispanic 710, Black 691, compared to white 748). (CFPB using 2018 HMDA, 2019)

Household financial situations are barriers to 

being approved for a mortgage

Debt-to-income ratio is the top reason for Hispanic mortgage denials in HMDA data 

among the 71% of Hispanic applicants with one reported reason. (Fannie Mae 

calculations using 2020 HMDA)

A Home Mortgage Disclosure Act data analysis concludes that after controlling for AUS 

recommendation, credit scores, DTI, and LTV, the Hispanic-white applicant denial gap 

is one percentage point. This “excess denial” gap can partly be explained by some 

lender overlays. (Bhutta, et al., 2021)

Hispanic renters’ self-reported top obstacle to getting a mortgage is insufficient 

income (34%), followed by insufficient credit history (33%). This is slightly different 

than other segments, where the top obstacle for Black renters is credit history (45%) 

and for white renters it is affording the down payment/closing costs (42%). (Fannie 

Mae National Housing Survey, Q4 2021)

Income and assets of prime-homebuying-age Hispanic renters have been 

increasing since 2010; however, they are still lower than white renters. In 

2019, the median household income of Hispanic renters aged 25 – 44 was $46K, 

compared to $59K household income for white renters; while the median liquid 

assets are $1,400 for Hispanic renters compared to $2,400 for white renters of the 

same age group. (Fannie Mae calculations using 2019 SCF and 2019 ACS PUMS) 47% of Hispanic consumers do not know how much would be required for a down payment, 

which, in context, is 7% higher than the general population. (Fannie Mae Mortgage Qualification 

Research, 2018)

Latino homebuyers are not using down payment assistance. 68% of surveyed Latino real estate 

agents indicated that fewer than 10% of their Latino homebuyers used down payment assistance in 

2021. (NAHREP State of Hispanic Homeownership, 2021)

In the Board of Governors of the Federal Reserve System Survey on Enterprising 

and Informal Work Activities, 15% of the respondents were Hispanic, the largest 

minority group that responded. 55% of the Hispanic Survey Respondents said 

they engage in one enterprising and informal work activity. Examples of 

informal work activities: preparing and selling baked goods or in-home catering; 

child care or elder care. (Federal Reserve Board of Governors Survey of 

Enterprising and Informal Work Activities, 2016) 18
24.1% of rural and 18.3% of all occupied housing units in Colonias 

Investment Areas are in manufactured homes. Housing conditions also 

tend to be worse in rural Colonias Investment Areas. Colonias communities 

have insufficient or missing infrastructure and poor-quality housing. 

Many border residents use informal or non-conventional financing 

mechanisms to obtain homeownership with extremely low volume of 

mortgage lending from Home Mortgage Disclosure Act data. In the entire 

Texas U.S.-Mexico border region, there were 35 loans per thousand owneroccupied units in rural Colonias Investment Areas, compared with 73 loans 

per thousand for rural areas not in Colonias Investment Areas. This 

difference exists for all four border region states. (Wiley, George, and 

Lipshutz, 2021)

Hispanic/Latino households own 66% of the owner-occupied housing 

stock in Colonias Investment Areas. However, from 2015 to 2017, they 

received only 53% of home loans annually. (Wiley, George, and Lipshutz, 

2021)

* Colonias refers to the unincorporated communities along the U.S.-Mexico border. While 

Colonias were concentrated along the U.S.-Mexico border, “new Colonias” have emerged in 

the outskirts of large metropolitan areas in Texas and have similar characteristics of Colonias 

along the border region. 

19 Fannie Mae Confidential and Proprietary. -- Confidential Commercial Information. Confidential Treatment and FOIA Exemption Requested.

Latino borrowers are more likely to leverage 

high-cost financing, therefore paying more 

money to finance their homes over time

Key points/implications

• Underscores the importance of maintaining the commitment to understand and address the Colonias Investment Area needs under the Duty to Serve program.

• Chattel loans are considered higher-priced mortgage loans due to the higher interest rates

In 2019, among manufactured home borrowers who owned the 

land beneath the home being purchased, 24% of Hispanic 

households had personal property loans instead of 

mortgages, compared with 15% of white and 13% of Asian 

households. (CFPB, 2021)

CFPB found that, among buyers of manufactured homes, chattel 

financing had higher shares of Hispanic, Black, and 

Indigenous families than traditional mortgage MH financing. 

(CFPB, 2021)

Colonias* Investment Area needs Chattel loan usage

High-cost alternative financing

Hispanic households are more likely to have used alternative 

financing when financing a home purchase compared with 

other households: 34% of Hispanic borrowers reported using at 

least one alternative arrangement compared with 23% of nonHispanic Black borrowers and 19% of non-Hispanic white 

borrowers. Alternative financing methods include home-only 

loans, personal property loans, chattel loans, rent-to-own or 

lease purchase agreements, seller-financing, contract for deed, 

or land contracts. (Pew Charitable Trusts, 2022)

Hispanic borrowers pay higher 

interest rates over the long-term 

due to underutilization of 

refinancing. Hispanic borrowers 

are less likely to refinance their 

mortgages during periods of falling 

interest rates, even after 

controlling for important factors 

like credit scores, equity, and 

income. (Gerardi, et al., 2020)

Less likely to refinance to gain 

more favorable loan terms

19
Among all consumers, there is low awareness of flood risk and 

insurance, especially for individuals in mid-risk zones. People are not 

receiving enough information prior to purchasing a home, and when they 

do, it is from less trusted sources vs. the government as most trusted 

source. In some instances, minorities have lower awareness than nonHispanic white people. (Fannie Mae Consumer Flood Risk Awareness and 

Insurance Study, February 2022)

Hispanic people are generally less prepared than non-Hispanic white 

people regarding resource- and action-based preparedness measures. 

(Friedman, Fussell, Nakatsuka, and Yucel, 2021)

20 Fannie Mae Confidential and Proprietary. -- Confidential Commercial Information. Confidential Treatment and FOIA Exemption Requested.

Limited awareness of flood risk and flood insurance 

inhibits Latino homeowners’ ability to mitigate risk when 

they experience a crisis

Minorities in high-risk areas are less likely than non-Hispanic white 

consumers to say they were informed about flood risk when moving to 

their current residence (35% vs. 44%). Minorities have a lower awareness 

than non-Hispanic white consumers that they live in high-risk (100-year) 

FEMA flood zones (26% vs. 40%). (Fannie Mae Consumer Flood Risk 

Awareness and Insurance Study, February 2022)

Minorities are less aware than non-Hispanic white consumers of FEMA’s 

National Flood Insurance Program (high-risk zone 46% vs. 56%). (Fannie 

Mae Consumer Flood Risk Awareness and Insurance Study, February 2022)

When compared to their share of the U.S. population, a higher share of the 

population residing in the combined flood plain (100-year or 500-year 

floodplain) identified as Hispanic (25%). (NYU Furman Center Population 

in the U.S. Floodplains Data Brief, December 2017)

Uneven Impacts of COVID-19 pandemic

The Philadelphia Federal Reserve 

uncovered an uneven impact the COVID19 pandemic had on different racial and 

ethnic groups; Hispanic borrowers have 

the second highest rate of past-due 

mortgages. (Federal Reserve Bank of 

Philadelphia using Black Knight and HMDA

Data, May 2022)

Key points/implications

• There is an opportunity to bring better awareness and educate consumers on flood risk and insurance so they are better informed and motivated to take appropriate actions 

to mitigate their risks.

20
Appendix & Renter Data 

Points
81% of Hispanic renters aspire to own a home one day, which is about the same as white 

renters (80%) (Fannie Mae National Housing Survey, Q4 2021)

For Black and Hispanic renters, the top reason for renting is to “become financially ready 

to own”; whereas for white renters, the top reason is “flexibility.” (Fannie Mae National 

Housing Survey, Q4 2019)

Hispanic renters are most interested in learning about the price of home they can 

afford before the homebuying process (56%) and less interested in other aspects of the 

homebuying process, in comparison to other racial segments. (Fannie Mae National Housing 

Survey, Q2 2021)

Hispanic homeownership is disproportionately affected by price appreciation and housing 

supply in key states/regions.

High Hispanic-concentration states such as CA, AZ, FL, and TX have experienced higher-thanaverage home appreciation and/or housing underproduction, creating affordability constraints. 

(NAHREP State of Hispanic Homeownership, 2021) Note: Some may be moving to more 

affordable areas.

Difficult to find affordable homes where they live. Only 12% of Hispanic renters ages 25 – 44 

can afford to buy a home where they live, compared to 21% of all renters (based on income 

only). (Fannie Mae calculations using 2019 ACS)

Black and Hispanic renters are significantly more cost-burdened in comparison to white 

renters across all age cohorts. The gap is widest among the 25 – 44 and 45 – 64 age cohorts —

the prime periods for homebuying, building wealth/financial capacity, and raising families. 

(Fannie Mae calculations using 2019 ACS PUMS)

25 – 44 — Black: 53%, Hispanic: 52%, white: 35%

45 – 64 — Black: 53%, Hispanic: 50%, white: 41% 

*Households are deemed housing cost-burdened if they spend more than 30% of their gross pre-tax income on rent; 

severely cost-burdened if they spend more than 50%.

17% of Black and 20% of Hispanic renters say building credit history for future financial 

goals is a challenge during the lease in comparison to 9% of white renters. (Fannie Mae 

Multifamily Renter Needs Research, August 2021)

Of renters who had trouble passing a financial background check, 16% of Black and 21% 

of Hispanic renters attributed it to not knowing how to build credit compared to 10% of 

white renters. (Fannie Mae Multifamily Renter Needs Research, August 2021)

Hispanic and Black renters carry higher shares of housing cost burdens

and have more difficulty building credit, creating a barrier to savings Hispanic renters want to own, but price and affordability are big 

concerns.

RESEARCH & DATA RESEARCH &DATA RESEARCH & DATA

22

There is a desire to own a home, but Latino 

renters face affordability challenges
Low representation in voucher use: Hispanic people comprise only 18% of Housing Choice Vouchers compared to 50% of Black households. The average voucher holder spends 28 months on 

a waiting list and lives in a census tract with a 23% poverty rate. (Fannie Mae calculations using 2020 HUD Picture of Subsidized Households)

Being Hispanic lowers the odds of receiving housing assistance by about one-third relative to Black and white people. Hispanic people are overrepresented in public housing and underrepresented in the multifamily and voucher programs. (Newman and Holupka, 2021)

Voucher acceptance challenges: The challenge of limited acceptance of Housing Choice Vouchers disproportionately impacts non-white renters/study participants and those with low income. 

46% of renters with a voucher said they had trouble finding a place that would accept their voucher; Hispanic renters (56%). (Fannie Mae Multifamily Renters Needs Research, August 2021)

Hispanic households have a lower probability of receiving federal housing assistance 

RESEARCH &DATA 

There is a desire to own a home, but Latino 

renters face affordability challenges (continued)

RESEARCH & DATA RESEARCH & DATA

Key points/implications

• Even though Hispanic renters’ top reason to rent is to become financially ready to own, they are more cost-burdened at every age, slowing down their journey to be 

financially ready to own.

• Because so many Hispanic households are renters, it is vital to ensure they can build a solid financial foundation while renting in order to make a transition to 

homeownership.

• Affordability, often due to living in higher cost areas, is a large obstacle for Hispanic buyers.

Hispanic renters typically express more concern about losing their jobs than Black or white renters (32% for Hispanic vs. 20% for white and 9% for Black renters) (Fannie Mae National 

Housing Survey, Q4 2021)

23
24% of Hispanic and 20% of Black renters cite difficulty finding information on rental 

listings prior to moving, compared to 14% of white renters. (Fannie Mae Multifamily Renter 

Needs Research, August 2021)

Fewer rental units shown: Hispanic home seekers were told about 12.5% fewer rental 

units and shown 7.5% fewer rental units. Black home seekers were told about 11.4% fewer 

rental units and shown 4.2% fewer rental units than white home seekers. (Turner, et al.,

2013)

More rental application fees: 73% of Hispanic and Black renters pay an application fee 

vs. 56% of white renters. In urban areas, the differences are smaller, but the disparity 

remains. (Zillow Group Consumer Housing Trends Report, 2019)

When choosing a rental, the cost of application fees is more important to Hispanic 

(76%) and Black renters (73%) in comparison to white renters (57%). (Fannie Mae 

Multifamily Renter Needs Research, August 2021)

After renting a home, Hispanic renters indicate the most useful information to have would 

be tenants rights in lease agreements (41%). This would also be most useful for Black 

(53%) and white (48%) renters. (Fannie Mae National Housing Survey, Q2 2021)

Prior to renting, Hispanic renters expressed they are most interested in learning about the 

price of the unit they can afford (48%), required rental application documents (39%), 

and understanding the terms of the rental lease (38%). (Fannie Mae National Housing 

Survey, Q2 2021)

24% of Black and 25% of Hispanic renters cite passing the financial background check as a challenge 

prior to move-in, compared to 16% of white renters. Of this group, 49% of Hispanic renters stated they 

had low/no credit score in comparison to 53% Black and 51% of white renters. (Fannie Mae Multifamily 

Renter Needs Research, August 2021)

31% of Black renters and 35% of Hispanic renters have had a rental application turned down, 

compared to 18% of white renters. (Fannie Mae Multifamily Renter Needs Research, August 2021)

82% of Black and 79% of Hispanic renters say security deposit amount is an important factor in 

choosing their rental home, in comparison to 74% of white renters. (Fannie Mae Multifamily Renter 

Needs Research, August 2021)

19% of Hispanic renters noted the application process was challenging during moving in, in 

comparison to 8% of white renters. (Fannie Mae Multifamily Renter Needs Research, August 2021)

33% of Hispanic renters required a cosigner or guarantor to sign their lease or rental agreement,

compared to 17% of Black and 8% of white renters. (Fannie Mae Multifamily Renter Needs Research, 

August 2021)

Single-family rentals & ADUs — source of wealth-building & affordable housing

4.2 million Hispanic-headed households live in single-family rentals (SFRs) (about half of all 

Hispanic renters), which is a higher ratio of renters in SFRs relative to multifamily than Black and Asian 

renters. (2019 ACS)

Hispanic SFR landlords are about 2.5 times more likely to report setting rents below market rates

than non-Hispanic SFR landlords. (Terner Center Survey of Single-Family Rental Landlords, 2019 – 2021)

ADUs are a potential source of affordable rental housing as well as sustainable income for lowerincome/under-served communities, but there is a lack of available financing to construct/renovate 

ADU dwellings for moderate to lower-income homeowners. (Terner Center and Center for Community 

Innovation Report, August 2020)

24 Fannie Mae Confidential and Proprietary. 

RESEARCH &DATA 

Rental search and application challenges

RESEARCH & DATA RESEARCH & DATA

Key points/implications

• Hispanic and Black renters say they have difficulty finding information on rental listings and are told about and shown fewer properties.

• A higher percentage of underserved populations are paying application fees compared to white renters.

• Hispanic and Black renters are reporting that they are having challenges passing the financial background check, are having their rental application turned down, 

and see the security deposit amount as a concern.

24
After buying a home, Hispanic homeowners cite household budgeting techniques (30%) and refinancing options 

(29%) as the top areas that would be most helpful. This is different than Black homeowners, who cite cost-effective 

home repair options (46%) and access to a mortgage counselor via phone (40%) as most helpful. (Fannie Mae National 

Housing Survey, Q2 2021)

Research shows that 59% of homeowners do not know how to maintain a home to avoid future repairs. 65% do 

not prioritize these types of tasks. (Fannie Mae, Home Management Market Viability Survey, 2020)

Hispanic and Black households report higher rates of repair needs (39.9% and 39.6%, respectively) compared to the 

general population (35.8%). Other groups also report high rates of repair needs, including Native American (47.7%), 

single mothers with children (46.8%), and people living below the poverty line (42.8%). (Diviringi, et al., 2019)

Black and Hispanic households have limited emergency savings — white homeowners have $12K in median liquid 

assets, compared to $3.7K for Hispanic and $4K for Black homeowners. (Fannie Mae calculations using 2019 SCF). 

Short-term liquidity is a key factor in preventing mortgage default in response to income shocks. (Farrell, et al., 2017)

During the course of the lease, only 18% of Hispanic renters say 

they are not currently facing any challenges as a renter, compared 

to 47% of white and 31% of Black renters not facing any challenges. 

(Fannie Mae Multifamily Renter Needs Research, August 2021)

Managing rent payments/monthly bills (31%) and poor unit/building 

maintenance (27%) are top challenges cited by Hispanic renters. 

(Fannie Mae Multifamily Renter Needs Research, August 2021) 

18% of Hispanic and 14% of Black renters report struggling with 

unexpected/late fees as top challenges faced during the lease, 

compared to 8% of white renters. (Fannie Mae Multifamily Renter 

Needs Research, August 2021)

33% of Hispanic and 31% of Black renters said they have missed a rent 

payment or paid rent past due at least once, compared to 21% of 

white renters. (Fannie Mae Multifamily Renter Needs Research, August 

2021)

Latino renters are twice as likely to be evicted as non-Hispanic 

white renters (Desmond and Shollenberger, 2015), and evictions are 

often concentrated in heavily Latino low-income areas (Nelson, et al., 

2021; Medina, et al., 2020).

12% of both Hispanic and white renters and 22% of Black renters 

reported being very likely to leave their current home due to eviction in 

the next two months. (U.S. Census Pulse Survey Week 48, 2022)

Post-purchase budget and maintenance challenges Renter challenges and eviction disparities

25 Fannie Mae Confidential and Proprietary. 

RESEARCH &DATA 

Both renters and homeowners face sustainable housing 

hurdles 

RESEARCH & DATA 

Key points/implications

• Hispanic renters report having more challenges than white renters throughout the rental process.

• Hispanic and Black consumers report a high need for home repair information and services and have limited emergency savings as compared to white consumers.

RESEARCH & DATA

Some Latino renters are living in overcrowded, more challenging conditions

During 2019, Hispanic renter households accounted for 24.7% of households who had worst-case housing needs 

(Alvarez and Steffen using 2019 AHS, 2021) and 19.1% of households in HUD-assisted housing. (Carter using 2019 AHS, 

2020)

Hispanic households are more likely to experience overcrowding (more than one person per room), with 6.4% living 

in overcrowded units compared with 1.9% in the population overall. Hispanic households had 3.3 times greater odds of 

occupying units that would make it difficult to isolate or quarantine during the COVID-19 pandemic. (Sehgal, 

Himmelstein, and Woodhandler, 2021)

25
Renter challenges and eviction disparities (continued)

26 Fannie Mae Confidential and Proprietary. 

RESEARCH &DATA 

Both renters and homeowners face sustainable housing 

hurdles (continued)

RESEARCH & DATA 

Key points/implications

• Hispanic and Black renters experience unexpected fees and/or do not receive their full security deposit more often than white renters.

• Hispanic renters have more issues with moving logistics and rental costs in comparison to white renters.

RESEARCH & DATA

Nearly 1 out of 4 Hispanic renters experienced moving charges that were not stipulated 

in the lease (Hispanic renters 23%, Black renters 15%, white renters 8%). (Fannie Mae 

Multifamily Renter Needs Research, August 2021)

Nearly 1 out of 4 Hispanic renters failed to receive their full security deposit and/or 

experienced a delay in receipt and/or did not receive documentation of amount 

withheld (Hispanic renters 23%, Black renters 0%, white renters 16%). (Fannie Mae 

Multifamily Renter Needs Research, August 2021)

More Hispanic renters indicated that personal safety and security were a challenge they 

encountered while renting (Hispanic renters 21%, Black renters 15%, white renters 11%). 

(Fannie Mae Multifamily Renter Needs Research, August 2021)

Slightly over half of Hispanic renters do not have rental insurance (53%) compared to 

49% of Black and 40% of white renters. (Fannie Mae Multifamily Renter Needs Research, 

August 2021)

40% of Latino renters stated the length or cost of commute to work, school, or other 

location was very important in choosing a rental home in comparison to 29% of white 

renters. (Fannie Mae Multifamily Renter Needs Research, August 2021)

23% of Hispanic renters faced extra charges related to moving that were not listed in 

the lease in comparison to 8% of white renters. 

22% of Hispanic renters had difficulty with move-out logistics when moving out of their rental 

home in comparison to 7% of white renters. (Fannie Mae Multifamily Renter Needs Research, August 

2021)

31% of Hispanic renters had difficulty finding time to move in comparison to 17% of white renters. 

(Fannie Mae Multifamily Renter Needs Research, August 2021)

22% of Hispanic renters faced excessive rent increases during lease renewal in comparison to 

14% of white renters and 12% of Black renters. (Fannie Mae Multifamily Renter Needs Research, 

August 2021)

18% of Hispanic renters experienced insufficient notice about future rent increases during lease 

terms in comparison to 7% of white and 9% of Black renters. (Fannie Mae Multifamily Renter Needs 

Research, August 2021)

15% of Hispanic renters had trouble communicating with a landlord during lease renewal in 

comparison to 5% of white and 10% of Black renters. (Fannie Mae Multifamily Renter Needs, 

Research August 2021)

22% of Hispanic renters moved out of their last rental home because they could no longer afford 

rent in comparison to 14% of white renters. (Fannie Mae Multifamily Renter Needs Research, August 

2021)

Hispanic renters typically express more concern about losing their jobs than Black or white 

renters (32% for Hispanic vs. 20% for white and 9% for Black renters). (Fannie Mae National Housing 

Survey, Q4 2021)

26
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• Fannie Mae Closing Costs Study, Q4 2021 https://www.fanniemae.com/researchand-insights/publications/barriers-entry-closing-costs-first-time-and-low-incomehomebuyers

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Housing 

Journey
32

Information on 

research

Opinions, analyses, estimates, forecasts and other views of Fannie Mae’s Economic & Strategic Research (ESR) Group included in 

these materials should not be construed as indicating Fannie Mae’s business prospects or expected results, are based on a number of

assumptions, and are subject to change without notice. How this information affects Fannie Mae will depend on many factors. 

Although the ESR group bases its opinions, analyses, estimates, forecasts and other views on information it considers reliable, it does 

not guarantee that the information provided in these materials is accurate, current or suitable for any particular purpose. Changes 

in the assumptions or the information underlying these views could produce materially different results. The analyses, opinions,

estimates, forecasts and other views published by the ESR group represent the views of that group as of the date indicated and do 

not necessarily represent the views of Fannie Mae or its management.

This work leverages the most reliable bodies of research within the last 10 years that we 

identified and will continue to be updated as more reliable or relevant research is 

available.