Freddie Mac recently released a study on Hispanic homeownership titled, “Will the Hispanic Homeownership Gap Persist?”. The study aimed to forecast how Hispanic homeownership rates would fare over time. Currently, about 46 percent of Hispanic households are owner-households as compared to 68 percent for non-Hispanic White households. Freddie Mac looked at age, income, educational data and other metrics to conclude that, over time, the homeownership gap would close, albeit slowly. However, the study states that if you exclude recent immigrants from the rate, the gap closes more swiftly, nearly matching the homeownership rate for Whites over the next 30 years. On the surface, this looks like encouraging news however, the study did not take into account other variables such as the availability of affordable housing stock or access to mortgage credit. That said, while it is only one study, the report gives us some confidence that all things being equal, a lot more Hispanics will be homeowners in the coming years. You can download a full copy of the study here.
Realtors help families navigate the largest and most intimidating financial transaction of their lifetime. They serve as guides, counselors, cheerleaders, and protectors. Many of them remain friends of their clients for life. America is at its best when its citizens are stakeholders.
The usual solutions will not solve the current housing affordability crisis. Any solution that does not begin and end with a sustainable plan to radically increase housing supply is just noise. The barriers to increasing housing supply are complex and require the crucial cooperation of both public and private sectors, and more education.
It has been long understood that a nation of stakeholders makes for a strong union, and for that reason, closing the minority homeownership gap has been a goal and a topic of discussion for decades.