According to a new report, Latinos aspire to home ownership, but many lack the savings, down payment or credit to purchase a home. To a greater extent, home ownership eludes the U.S. Hispanic population.

In years to come, the U.S. Hispanic demographic will be a key force behind home rental and purchasing activity. Nonetheless, Hispanics struggle to gain ownership because they are not financial positioned to buy homes, according a new report titled, "Hispanics & Home Ownership: Closing the Gap."

Eight years ago, Hispanic home ownership peaked at nearly 50 percent, but it's declined since. The rate of home ownership among Hispanics has increasing fallen behind the home ownership rates of non-Hispanic whites; it currently stands at 44 percent, but that percentage continues to wane. Unfortunately, researchers who developed the report believe that Hispanics' home ownership prospects are a forecast for the country as a whole because the Hispanic population is the fastest growing demographic.

"Hispanics were hit especially hard by the financial crisis and housing crash, and the outlook for home ownership is uncertain," said Louise Keely, president of The Demand Institute.

"The home ownership rate among Hispanic households now stands at 44 percent and continues to decline; stagnant incomes, tight lending standards and high housing costs are holding back Hispanic home ownership."

Nearly 40 percent of new households formed between 2015 and 2020 will be Hispanic/Latino households, which is more than any other ethnic or racial group. Also, more Hispanics are moving to the suburbs in search of more affordable housing, better schools and more space. That said, Hispanics are still more likely than non-Hispanics to live in urban areas.

The Demand Institute, The Conference Board and Nielsen released the report, which offered findings about the 4 million Hispanics seeking home ownership, including the fact that only 1.5 million Hispanics are financially prepared to do so. Those numbers reveal that there is a gap of 2.5 million Hispanic households struggling to acquire homeownership. More than four years of in-depth research went into the study, and it was done to help policy makers and business leaders to better anticipate and address the needs of the individuals they service.

Additionally, the report shared that despite a decline in numbers, Hispanics remain a fast-growing segment of the housing market. According to researchers, the demand for housing and communities could stimulate business and financial services within the Latino community.

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