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In the next five years, 40 percent of new households that form will be headed by a Latino.
According to Hispanics & Home Ownership: Closing the Gap, a new report by The Demand Institute, more than 4 million Hispanics hope to own a home, but only 1.5 million Hispanics will be financially ready to do so, leaving 2.5 million Latinos without prospects of buying one.
Sufficient income and credit as well as a down-payment are among the many obstacles Latinos face in buying a home.
“Hispanics were hit especially hard by the financial crisis and housing crash, and the outlook for home ownership is uncertain,” said Louise Keely, president of The Demand Institute. “The home ownership rate among Hispanic households now stands at 44 percent and continues to decline; stagnant incomes, tight lending standards and high housing costs are holding back Hispanic home ownership.”
The report also finds that more Latino families are moving to the suburbs, although Latinos are traditionally more inclined to move to urban areas than any other ethnicity in the U.S.
By The Numbers
25.1
percent
of Latinos remain without health insurance coverage
