Owning a home is the dream of millions of people because it means long-term stability and wealth and Latinos in the United States are doing their part to achieve it, as demonstrated by the constant increase in the number of real estate owners of that origin.
If the average growth rate of almost one percentage point every two years that has been recorded for the past 14 years is maintained, in 2025 the home ownership rate among Latinos will reach 50%as predicted by the 2021 State of Hispanic Homeownership Report from the National Association of Hispanic Real Estate Professionals.
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According to the US Census Bureau’s 2020 Household Wealth, Asset Ownership, and Debt Analysis, home ownership represents 67% of Hispanic wealth.
“For many Hispanic-Latino families, financial stability means passing assets on to their children, to provide a sense of security so that the next generation can achieve their goals.“, says Joe Velázquez, senior vice president, production manager at Bank of America.
Said entity offers affordable mortgage programs, grants and even online courses in English and Spanish to help low-income people and means to take the “leap” to have their own home. “The value that the Hispanic-Latino community places on homeownership is very encouraging, as it continues to be a primary source of wealth creation and the foundation for upward mobility,” adds Velázquez.
Living place.
benefits not only financial
That the fact of owning a home jplays a key role in personal and financial well-being it’s something most Americans think regardless of their race or ethnicity, various surveys and reports have shown.
Fixed monthly mortgage payments are considered protect against rising rental prices and allow you to save at a constant rate, but, in addition, the appreciation of real estate over time increases the family’s capital, which can thus support the next generation.
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The reports also speak of non-financial benefits, such as an increase in civic participation, the achievement of higher levels of education, an improvement in health and satisfaction with life and also a greater self-esteem and sense of control.
Homeownership has long encouraged residents to connect with neighbors, build community and put down long-term roots, says a Bank of America report on US homebuyer profiling.
Help to make the ‘leap’
One of the biggest challenges for those who dream of owning a home is the initial costs, something that Bank of America’s Community Homeownership Commitment points to, which has a fund of 15,000 million dollars and is aimed at helping low- and moderate-income homebuyers overcome that hurdle.
Includes up to $17,500 in combined grants for down payment and closing costs. The America’s Home Grant Program offers a credit of up to 7,500 dollars that eligible buyers can pay non-recurring closing costs, such as title insurance and recording fees, or to reduce the permanent interest rate.
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Funds do not require repayment and may be combined with funds from the Down Payment Grant Program. Bank of America also provides educational programs through the BetterMoneyHabits.com website, which offers free videos on managing finances and preparing to buy a home.
EFE
