A new report says that Hispanic homeownership is rising across the United States and its continued growth will lead the nation, rousing the real estate market and the economy for years to come.
In partnership with the National Association of Hispanic Real Estate Professionals, the Hispanic Wealth Project's 2017 State of Hispanic Homeownership Report indicates three obstacles for homebuyers entering the market: shortage of affordable housing; natural disasters, notably 2017's historic wildfires and Hurricanes Harvey, Irma, and María; and the mutable immigration policies of President Trump, CityLab reports. The report concludes that despite obstacles, Hispanics will continue to lead homeownership growth, and comprise "the fastest-growing economic force in the country."
For the most part, Hispanics who choose to move from California, Florida and Texas are millennials who have a higher educational level than their parents, and were born in the United States or are DACA recipients, says Sonja Díaz, director of the Latino Policy & Politics Initiative at UCLA. She explains that this internal Hispanic migration to other metropolitan areas such as Des Moines (Iowa) or McAllen (Texas), is because there is growing demand for Hispanic labor, as well as greater availability of homes priced under $300,000.
