NBC News this week reported about a new study that find out that there is a big gap between the growing number of Hispanic households and their ability to purchase a home. They found a gap of 2.5 million Latinos who struggle to be able to achieve homeownership.
What is keeping the Latinos from buying?
The report found that “while Latinos are the fastest-growing demographic, tight lending standard, high housing costs and stagnant wages continue to keep Latinos from buying homes.”
More than 52% of the Latinos surveyed want to own a home and thought it was a good investment. However, 31% said the lack of savings was the main barrier, followed by low income and access to credit.
What is the solution?
Part of the solution can be the partnership of associations. This week the Mortgage Banker Association (MBA) and the National Association of Hispanic Real Estate Professionals (NAHREP) announced a new partnership to work together to advance sustainable Hispanic homeownership by offering training and education to prospective and current mortgage professionals.
David H. Stevens, president and CEO of MBA said “The American Dream, to own your own home, is embraced by more people, from more backgrounds, than ever before and yet real challenges remain for many Americans, especially fist-time homebuyers, the self-employed, and new Americans, to access credit.”
There are few organizations helping to reduce the gap in Latinos homeownership. Are you doing your part as a real estate professional?