An emulsion-based latex aerosol paint comprises 5-50 weight percent of one or more hydrocarbon solvents, 0.05-10 weight percent of a surfactants with a Hydrophilic-Lipophilic Balance value of 4-10, 10-70 weight percent of a water-based coating emulsified into a mixture of the one or more solvents and the one or more surfactants. The emulsion-based latex aerosol paint may be additionally charged with a hydrocarbon propellant at a level of 5 to 50 weight percent. The hydrocarbon propellant may be selected from propane, butane, isobutene and mixtures thereof. A method of making an emulsion-based latex aerosol paint comprises providing one or more aliphatic solvents, adding one or more surfactants to the one or more aliphatic solvents to provide a solvent/surfactant mixture, adding a water-based coating to the solvent/surfactant mixture and emulsifying the water based coating in the solvent surfactant mixture to provide a water-based coating emulsion, and placing the water-based coating emulsion in a delivery system utilizing a hydrocarbon propellant.