“Latino Millennials are key to the growth of home ownership and wealth building across the U.S., but will they be able to afford it?”
For Michael Alfaro, 29, who was recently married, home is a rent-controlled Los Angeles apartment while he and his wife save for a home. For Pamela Cervera, 30, and her boyfriend, it’s a condo they purchased together in Washington. The two millennials may not know it, but both are on the front edge of an important anticipated boost in home ownership.
How Latino millennials like Alfaro and Cervera navigate the expensive and tight housing and rental markets throughout the country is of increasing importance, because the future of home ownership in America will be shaped heavily by Latino millennials like them.
According to “The State of the Nation’s Housing” study by the Joint Center for Housing at Harvard University, minorities will drive three-quarters of the gains in U.S. households, which are projected to reach 13.6 million in the decade of 2015-2025 and Hispanics will account for one third of those gains.
“The fact is the majority of Latinos want to be home owners and will make up half of all new home buyers in the next 20 years. They have a central place in the housing market and finance system,” said Scott Astrada, director of federal advocacy at the Center for Responsible Lending...[read the full article at nbcnews.com]