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.