The homeownership rate, in general, has declined in a big way. As it stands, it is at its lowest level in at least 20 years, which is affecting the opportunities for minorities and youths to obtain housing.
In a new study, the Pew Research Center explained that,
“For Hispanic households, peak homeownership occurred in 2007. Since then, homeownership among Hispanic households has seen a 5% decline, from 49.7% to 47.0% today.”
As the Pew Research Center’s survey shows, “72% of renters say they would like to buy a home in the future.” There are several reasons, however, why many people are choosing to rent instead of own. For example, financial obstacles including the inability to afford a down payment, not being able to afford the home that they’d prefer, and not being able to buy in the neighborhood that they’d prefer are three factors getting in the way.
Due to these obstacles, Realty Biz News reported that, “From 2004 to 2015, home applications among Hispanics decreased by 76 percent.”
Part of the challenge here is misinformation; you don’t need a 20% down payment to buy, and there are many programs available to help buyers with their down payments if that is the reason they are not buying.
Don’t let a lack of information keep you from becoming a homeowner! Call a local real estate professional today to find out the programs available to you in your marketplace and give your family the home it deserves!