Buying a Home Can Be Less Expensive Than Paying for Rent in Your State

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 Buying a Home Can Be Less Expensive Than Paying for Rent in Your State - Latina on Real Estate

In 2014, the U.S. Department of Housing and Urban Development (HUD) declared June as National Homeownership Month. Their goal was to recognize the critical role that owning a home plays in communities across America.

We know that in the Hispanic community, part of the American Dream is to be able to own a piece of the land that we now call home. The National Mortgage News mentioned in an article that 4 million Hispanics would like to purchase a home, but according to the U.S. Census Bureau the Hispanic Homeownership rate for the first quarter of 2016 was only 45.3%.

As we can see, the majority of Hispanics still rent or are still living at home with their parents. Last week the National Low Income Housing Coalition published a map showing how much you need to earn to afford a modest apartment in your state. As stated in the report:

“A worker earning the federal minimum wage of $7.25 per hour would need to work 2.8 full time jobs, or approximately 112 hours per week for all 52 weeks of the year, in order to afford a two-bedroom apartment at HUD’s Fair Market Rent (FMR).”

If you are one of the 4 million Hispanics who would like to purchase a home, it may be less expensive than paying for rent in your state. Call a local real estate professional and find out the options in your state.

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