More U.S. Latinos are considering home ownership as the cost of renting soars across the nation, according to a renter survey conducted by the banking institution TD Bank. In fact, the new report says within the next two years, Latinos are nine percent more likely than the general market to purchase a home (42 percent compared to 31 percent).
National Association of Hispanic Real Estate Professionals' Hispanic Wealth Project has received the support of an American multinational financial institution, which posseses a $125 billion lending goal, helping to increase the number of Hispanic home mortgage consultants, support financial education and counseling, and triple Hispanic household wealth over 10 years.
Economic recovery has been on the horizon for some time now: full-time employment is up, unemployment is down, and wages have corrected following the recession to meet the needs of young adults in the labor market. Nonetheless, millennials continue to take up residency with their parents, according to a recent Pew report. This is particularly true for many young Hispanics, who are "unbanked" or "underbanked."
Hispanic homebuyers are ready to move the housing market, according to a new report. More than half of Hispanic homebuyers are comfortable with making a down payment of 20 percent or more on an affordable new home. Additionally, most Hispanics plan to buy their first home within the next five years.
The American Dream promises a number of things, one of those things being a home …accented with an optional white picket fence. However, less than half of Hispanics in America have been able to seize that portion of the “Dream,” due greatly to the fact that minorities are more likely to be denied loans and they are less likely to apply for conventional mortgages for the same reason.