Hispanics are enjoying a significant increase in homeownership, according to an analysis of US Census Bureau data published by Zillow.
Homeownership is among the most authoritative indicators of a community’s economic health—correlated with lower crime, higher quality medical care, and better civic integration—and Latino families have recently seen major improvements. In the first quarter of 2020, their rate of homeownership reached 48.9 percent, the highest level in over ten years.
As a group, however, homeownership remains a difficult status to reach, and many obstacles continue to stand in the way of full parity.
These obstacles were particularly palpable during the Great Recession of 2008. Before the crisis, Latino households had fewer overall assets than their neighbors and a greater proportion of wealth invested in their homes. As a result, these families were much more vulnerable when property values sharply declined. In 2011, the rate of foreclosure among Latino was 11.9 percent, compared to 9.8 percent for African Americans, and 5.0 percent for whites, according to a study by the Center for American Progress.
Hispanics contributed significantly to the recovery, including 60 percent of homeowner gains between 2009 and 2018. The percentage of homeowners who identified as Latino rose during these years from 8.6% to 10.3%, but despite these steps forward, Latino families still lag behind their white neighbors.
About 20% of white mortgage buyers report being denied for a mortgage before finally being approved, compared to 33% of Latino buyers. According to Zillow, the majority of Latino home buyers are purchasing a home for the first time, and therefore lack equity they could use to make a down payment.
In 2020, candidates running for office have come to recognize the importance of housing to voters. At federal, state, and local levels, major parties are offering strategies to overcome housing discrimination and make it easier for first-time buyers. You can make a difference by getting involved and making a commitment to vote and to vote early.
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Join the movement of mothers promising to vote for a better future by making a pinky promise to #VoteLikeAMadre. It is time to make your voting plan so you don’t miss the opportunity to vote for change.
Disclaimer: This sponsored article was produced and distributed in partnership with Latino Victory Project, in support of the Vote Like a Madre campaign.