Editor’s Note: This story originally appeared on SmartAsset.com.
Hispanics and Hispanics make up nearly 19% of the US population (or 62.1 million of more than 332 million), according to the 2020 census.
And according to data from the National Hispanic Real Estate Professionals Association, they are becoming an increasingly important economic force, with nearly 9 million Hispanic homeowners across the country., after the growth of more than 700,000 households of homeowners in 2020.
Furthermore, the Urban Institute says that homeowner net growth between 2020 and 2040 will be driven by people of color, and Latinos are expected to take the lead with projected growth of 4.8 million.
With this projected growth in mind, SmartAsset examined the data to identify cities where Hispanics are doing better economically nationwide. We compared 120 cities across five metrics, including median Hispanic household income,
Hispanic home ownership rate, Hispanic adult poverty rate, percentage of Hispanic adults with a bachelor’s degree and percentage of Hispanic business owners. For details on our data sources and how we bring all the information together to create our final rankings, read the Data and Methodology section below.
This is SmartAsset’s first study of the best economic places for Hispanics and Latinos. As part of our ongoing coverage of diversity, you can also read our studies of the best economic places for Black Americans and Asian Americans.
1. Miramar, Florida
Miramar, which means “look at the sea” in Spanish, is a bedroom community of Miami and Fort Lauderdale.
This Florida city has the seventh highest median income for Latinos and Hispanics ($90,684) and the highest ownership rate for this group in our study. Hispanics and Latinos in the surrounding metro area own 27.01% of the business in the city (they are ranked fifth).
By comparison, our study shows that business ownership for this group is higher only in four Texas cities: Laredo (56.52%), McAllen (50.21%), El Paso (43.03%) and Brownsville (41.83%).
2. Pembroke Pines, Florida
Pembroke Pines, Florida, is located about 22 miles north of Miami and has the 23rd highest median income of Hispanics and Hispanics in the study ($70,283).
Additionally, this demographic group ranks 11th in terms of homeownership rate (62.30%). Including the percentage of metro-wide Hispanic and Latino business owners, Pembroke Pines ties its Miami metro area neighbor, Miramar, for the first time in this metric at 27.01%.
3. Rancho Cucamonga, California
Located about 40 miles east of downtown Los Angeles, Rancho Cucamonga is the 27th most populous city in California.
Hispanics and Latinos here have the eighth highest median income ($87,774) and thirtieth most average home ownership (54.16%). Additionally, the metro area around Los Angeles in Rancho Cucamonga ranks 14th in terms of the percentage of Hispanic and Hispanic business owners (15.59%).
4. Gilbert, Arizona
Gilbert, Arizona, is the fifth largest municipality in the metro Phoenix area, and Hispanics and Hispanics have the highest median household income in our study, $105,154.
Additionally, they have the ninth highest rate of home ownership, at 63.66%. But only 6.10% of businesses in the metro Phoenix area are owned by this demographic, placing Gilbert in 64th out of 120 for this metric.
5. Naperville, Illinois
Located 28 miles west of Chicago, Naperville is one of the five most populous cities in Illinois. Hispanics or Latinos here have the fourth-highest median household income ($97,956), and this group ranks mid-study (53rd place) in terms of home ownership (45.86%).
The Chicago metro area ranks 50th in terms of the overall percentage of Hispanic and Latino business owners (6.18%).
6. Washington, D.C. (tie)
Hispanics and Hispanics in the nation’s capital have the third-highest median household income ($99,799), but this demographic group drops to 75th place in the homeownership percentage study (39.42%).
Hispanics and Latinos here have the third highest percentage of adults with a bachelor’s degree (52.0%). The Central Capital Region ranks 48th out of 120 due to the relatively small percentage of Hispanic and Hispanic business owners (6.23%).
6. Hollywood, Florida (tie)
Located between Fort Lauderdale and Miami, Hollywood is the third city in Florida among our top 10. Hispanics and Hispanics here rank behind 60 other cities in the study for median household income ($54,523), but have the 38th highest rate of homeownership at 50.84%.
Also part of the Miami metro area, Hollywood has ties with Miramar and Pembroke Pines for the fifth highest percentage in the metro area of Hispanic and Hispanic business owners (27.01%).
8. Peoria, Arizona
Peoria, a major Phoenix suburb, ranks as one of the ten largest cities in Arizona by land area and population.
Hispanics and Latinos here have the 11th highest median household income ($78,671) and the 8th highest rate of home ownership (64.57%).
Since Peoria is also part of the Phoenix metro area, it connects Gilbert with the highest percentage of 64 Hispanic and Latino business owners (6.10%).
9. Chula Vista, California
Chula Vista is the second largest city in the San Diego metro area and the 15th largest in California. Hispanics and Hispanics here have the 14th median household income ($76,608) and the 33rd highest rate of home ownership (53.67%)—both of which are in the top third of the study.
In the San Diego metro area, Hispanics and Hispanics make up 9.38% of business owners, which is number 28 out of all 120 cities we looked at.
10. Oceanside, California
Oceanside is the third largest city in San Diego County and the third largest city in California among our top 10 cities. Because it is also part of the San Diego metro area, Oceanside is associated with Chula Vista at number 28 for the percentage of Hispanics and Latinos. Business owners (9.38%).
In the same city, this demographic group has the 16th highest median household income ($75,631) and the 25th highest rate of home ownership (56.05%).
Data and methodology
To find cities where Hispanics and Hispanics perform best economically, SmartAsset looked at the 200 largest cities in the US
Full data is available for only 120 cities, and we compared it across five metrics:
- Median household income of Hispanics. The data comes from the 2019 American Community Survey conducted by the Census Bureau.
- Hispanic homeownership rate. This is the number of Hispanic-occupied housing units divided by the number of Hispanic-occupied housing units. The data comes from the 2019 American Community Survey conducted by the Census Bureau.
- The poverty rate for adults of Hispanic origin. The data comes from the 2019 American Community Survey conducted by the Census Bureau.
- Percentage of Hispanic adults with a bachelor’s degree. This is for Hispanic residents 25 years and older. The data comes from the 2019 American Community Survey conducted by the Census Bureau.
- Percentage of Hispanic business owners. This is the number of Hispanic-owned businesses with salaried employees divided by the number of businesses with salaried employees. The data comes from the Census Bureau’s 2018 annual business survey and at the metro area level.
To make our final list, we ranked each city on each metric, giving a full weighting of all metrics. Then we found the average ranking for each city and used the average to determine the final score. The city with the highest average ranking has a score of 100. The city with the lowest average ranking has a score of 0.
Editors note: SmartAsset published this study in celebration and appreciation of Hispanic and Latin Heritage Month. The racial justice protests and the massive impact of COVID-19 on people of color highlighted the social and economic injustice that many Americans still face. We aim to raise awareness about economic inequality and provide personal finance and information resources to all individuals.
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