The share of Latin American homeownership in the U.S. has a remarkable growth this half-decade. Latin Americans who own their home have boosted to its highest since the Great Recession. However, recent studies conducted by Zillow reveal the remaining roadblock for Latin Americans to equitable housing.
Latin American Americans are a massive and diverse group; with more than 200 unique ancestries among the 60 million who live in the U.S. Latin American homeownership took a disproportionately large hit during the housing bust. But since then, they have rapidly outpaced other groups in terms of homeownership.
They have accounted for more than 60% of new U.S. homeowner gains over the past decade taking it to 48.9%, the highest level since 2008. Despite the rapid growth, Latin American home buyers may still face difficulties during the process of acquiring a home and one of the primary concerns is financing the purchase.
“While Latin American households have made recent gains in ownership, longstanding inequities in intergenerational wealth and other systemic barriers continue to impede Latin Americans from reaching parity with the U.S. population as a whole,” says Manny Garcia, population scientist at Zillow.
Wealth disparity and higher rates of mortgage denials continue to be barriers for Latin American home buyers.
The Latin American community is not shrinking away from homeownership, despite the difficulties and uneven playing field. Latin American buyers more often than not choose to put other life milestones on hold just to reach homeownership. Most Latin American buyers said that they would delay marriage plans, having children, and retiring just for housing purposes.
Considering how most Latin American worked towards being a homeowner, it would be heartbreaking for them to lose what they have achieved after setting everything aside just for their homes to be taken away due to foreclosure. Analytics Before Foreclosure helps distressed families who are behind on their mortgages and come up with solutions that serve the families’ best interest. Call Analytics Before Foreclosure at 866-857-5405 for a free Discovery Call
