Because of the housing crisis, many Hispanics lost their homes and were forced to rent. Even today, we see that the number of renters continues to increase within the Hispanic community. Earlier this year, Trulia released a report in which they tried to “get a clearer picture of who lost out on the American Dream of homeownership.” According to the American Community Survey’s data for the years of 2006 to 2014, Trulia found that:
- Hispanics became renters at a greater rate (8.7%) than any other ethnic group.
- Hispanics are more likely to rent, with a rate of 66.1% of renters, post-crisis.
But these numbers can change. According to a survey by Zillow, 70% of Hispanic respondents associate homeownership with the American Dream.
Hispanics don’t want to rent; they want to become homeowners!
Recently GoBankingRates surveyed the cost of renting versus owning a home in all 50 states, as well as in the District of Columbia. According to their study, it is more expensive to rent than it is to own in 42 states. If a renter were to take a look at this survey, he or she may discover that it might actually be more cost effective to own in his or her state.
If you are renting at the moment but you would like to own a home, call your local real estate professional to learn about the options in your neighborhood.