Hispanics and Latinos have played a major role in the country’s population growth over the last decade. In fact, Hispanics and Latinos made up almost one-fifth of the country’s population in 2020 at roughly 62 million, according to the Census Bureau. That’s an increase of nearly 12 million people since 2010, or an increase of 23%.
Data from the nonprofit Latino Donor Collaborative shows how this population boom has impacted the economy. Total Hispanic and Latino economic output in 2019 added up to a gross domestic product of $2.75 trillion, which is up from $1.7 trillion in 2010.
However, the economic situation for Hispanic and Latino communities varies by city. To uncover where Hispanics and Latinos fare best economically, SmartAsset analyzed data for 147 cities across six metrics, spanning topics including income, homeownership and education. For details on our data sources and how we put all the information together to create our final rankings, read the Data and Methodology section below.
This is SmartAsset’s second study on where Hispanics and Latinos fare best economically. You can read the 2021 edition here.
- Homeownership rates vary widely. Across the 147 cities in our study, Port St. Lucie, Florida has the highest Hispanic and Latino homeownership rate (72.95%). New York City, by contrast, has the lowest (16.94%).
- At least a fifth of Hispanics and Latinos in the top 10 cities have bachelor’s degrees. Hispanics and Latinos in Frisco, Texas and Naperville, Illinois have the highest percentage of Hispanics and Latinos holding bachelor’s degrees in the top 10 – at 41.6% and 41.0%, respectively.
- Six out of the top 10 cities are in states with large Hispanic and Latino populations. Arizona has two cities (Gilbert and Chandler), Texas has one (Frisco) and California has three (Rancho Cucamonga, Elk Grove and Torrance). Census data shows that Hispanics and Latinos make up over 30% of the population in all three of those states.
1. Pembroke Pines, FL
Located roughly 22 miles north of Miami, Florida's Pembroke Pines takes the top spot. Hispanics and Latinos here have a median household income that is just over $67,000 (ranking 36th for this metric). Housing costs for this group make up 23.22% of their income (13th-best in the study) and almost 70% own their homes (the second-highest rate out of all 147 cities). More than 32% of Hispanics and Latinos here hold a bachelor's degree and just over 28% own a business.
2. Miramar, FL
Miramar, Florida claims second place in our study. Roughly 68% of Hispanics and Latinos own a home here, which is the fourth-highest rate in the study. The median household income for this group is just over $72,600 (ranking 25th-highest). And Hispanics and Latinos pay about 25% of their income in housing costs (30th-lowest).
3. Gilbert, AZ
Gilbert, Arizona is home to Hispanics and Latinos with the fifth-highest median household income ($94,333) in our study. This group pays roughly one-fifth of their income in housing costs (20.52%), but 67.85% own their homes (the fifth-highest rate). Additionally, Gilbert has the fourth-lowest Hispanic and Latino poverty rate in our study, at 7.0%.
4. Frisco, TX
Frisco is part of the Dallas-Fort Worth-Arlington metro area. Hispanics and Latinos here have a median household income of $105,696, which is the second-highest in this study. They spend almost 27% of that income (ranked 42nd) on housing costs and just over 56% own their homes (ranking 29th). Hispanics and Latinos here have the second-lowest poverty rate (5.2%) and almost 42% hold a bachelor's degree (ranking 10th).
5. Rancho Cucamonga, CA
In Rancho Cucamonga, Los Angeles, almost 58% of Hispanics and Latinos own their homes (ranking 26th) and they pay almost 30% of their income on housing costs (73rd-lowest). This group has a median household income just over $84,000 (11th-highest). Almost 16% own businesses (ranking 13th) and roughly 25% have bachelor's degrees (46th-highest).
6. Elk Grove, CA
Elk Grove is located just over 15 miles south from the California state capital Sacramento. Hispanics and Latinos here have a median household income of $93,891, the sixth-highest in the study. The homeownership for this group is almost 69% (the third-highest) and about a quarter of their income goes to paying housing costs (25.31%). Less than a fifth of Hispanics and Latinos in this city have a bachelor's degree and only 7.24% own a business.
7. Naperville, IL
Naperville is a western suburb of Chicago. Hispanic and Latinos here have the highest median household income in our study, at $108,000. Just under 49% own a home (ranking 53rd-best) and almost a quarter of their income goes to paying housing costs (27th-best). Naperville also has the third-lowest poverty rate for Hispanics and Latinos (6.8%).
8. Chandler, AZ
In Chandler, Arizona, the median household income for Hispanics and Latinos is almost $74,100. And about a quarter of that income (23.82%) is spent on housing costs - the 19th-lowest rate in our study. Though just under 55% own a home (ranking 33rd), roughly 26% of Hispanics and Latinos hold a bachelor's degree and just over 7% own a business.
9. Torrance, CA
Torrance is the third California city in our top 10. Hispanics and Latinos here have a median household income above $83,200, the 12th-highest in the study. Almost 42% own their homes and they spend nearly a third of their income on housing costs. About 32% of Hispanics and Latinos in the city hold bachelor's degrees (ranking 24th) and roughly 10% own a business (tying for 26th).
10. Fort Lauderdale, FL
Best known for its beaches and boat canals, Florida's Fort Lauderdale is just 30 miles north from Miami. This city ties for the fourth-highest percentage of Hispanic and Latino business owners (28.06%). The median household income for this group is just over $60,200 (60th-highest) and 35.1% of Hispanics and Latinos hold a bachelor's degree (17th-best).
Data and Methodology
To identify the cities where Hispanics and Latinos fare best economically, SmartAsset looked at the 200 largest cities in the U.S. Of those, 147 cities had complete data available, and we compared them across six metrics:
- Median Hispanic household income. Data comes from the Census Bureau’s 2020 5-year American Community Survey.
- Housing costs as a percentage of income. This is median monthly housing costs divided by the median Hispanic household income. Data comes from the Census Bureau’s 2020 5-year American Community Survey.
- Hispanic homeownership rate. This is the number of Hispanic owner-occupied housing units divided by the number of Hispanic occupied housing units. Data comes from the Census Bureau’s 2020 5-year American Community Survey.
- Poverty rate for Hispanic adults. Data comes from the Census Bureau’s 2020 5-year American Community Survey.
- Percentage of Hispanic adults with a bachelor’s degree. This is for the Hispanic population 25 years and older. Data comes from the Census Bureau’s 2020 5-year American Community Survey.
- Percentage of business owners who are Hispanic. This is the number of Hispanic-owned businesses with paid employees divided by the number of businesses with paid employees. Data comes from the Census Bureau’s 2019 Annual Business Survey and is at the metro area level.
To determine our final list, we ranked each city in every metric, giving a full weighting to all metrics. We then found each city’s average ranking and used the average to determine a final score. The city with the highest average ranking received a score of 100. The city with the lowest average ranking received a score of 0.
Editors' Note: SmartAsset published this study in celebration and recognition of Hispanic and Latino Heritage Month. We are aiming to raise awareness surrounding economic inequities and provide personal finance resources and information to all individuals.
Financial Tips for Hispanics and Latinos
- Figure out when homeownership makes sense. If you're planning to move to one of the top cities where Hispanics and Latinos fare best economically, SmartAsset’s rent or buy calculator can help you compare costs to see which one makes sense for your financial situation. Additionally, if you want to figure out how much house you can afford to buy, our home-buying calculator will help you break down the target price for your income.
- Consider working with a financial advisor. Hispanics and Latinos are a driving force in the U.S. economy. If you want to grow your investments and reach your financial goals, a financial advisor can help you make smart decisions for your money. SmartAsset’s free tool matches you with up to three financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
Questions about our study? Contact us at email@example.com.
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