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Hispanic Homebuyers

Vivian Duran • Aug 30, 2021

Hispanic Heritage Month

The Hispanic population is the fastest-growing culture group in the United States leading to demands for new housing. More overcrowded housing is caused by lack of affordable housing. There are many challenges based on despite laws that are set in place to protect Hispanics and other minority groups in the housing market. Some immigrants have a lack of information about the homebuying process and an inability to meet mortgage underwriting criteria. There are several other factors contributing such as the young Hispanic population dropping out of school due to financial pressure to join the workforce, to contribute to the family income. Financial success depends increasingly on education, from college rather than just high school. These barriers include problems in discriminatory treatment in both the housing and mortgage markets, and a lack of understanding and comfort with the homebuying and mortgage processes. The instability of rental housing compared to homeownership contributes to issues. Poverty impedes home conditions, adequate heat, lack of air conditioning, importable plumbing, or routing infestations.

The American Dream is the idea that every hard-working U.S. citizen and immigrant will have equal opportunities and freedom to have a good education, a successful career, comfortable homeownership, and financial prosperity. Most immigrants flock to United States for a chance of opportunity and reward of hard work to achieve a comfortable home and better education opportunities. They take some of the hardest jobs while earning below or minimum wage. With COVID-19 so many were impacted and became unemployed. The housing market has a lack of housing inventory, especially in the stock of affordable housing. In this country hard working individuals must build up wealth for themselves and their children for security and prosperity. Hispanics are willing to carry on the traditions of challenging work, sweat, and sacrifice to have the reward of decent housing for their family living.

As the United States becomes more diverse, Hispanic homeownership has driven the rise of national homeownership rates. Hispanic people have both placed more value culturally and financially which overcame great obstacles to buying homes. Homeownership is an important generator of household wealth transferred between generations. Millennials are often tied to their family and would rather buy a home for their mom and dad and live with them before pursuing their own home for themselves. Hispanic buyers often place an extra value on homes with garages or accessory dwelling units to allow for possibility of multi-generational living.

Interfaith Housing Alliance’s mission is to strengthen communities by providing affordable housing opportunities and supportive services to improve the quality of life and economic stability for seniors, working families and individuals. We assist with the entire home buying process which can be lengthy depending on whether credit repair or budgeting is needed. We counsel and encourage our clients to maintain their goals, providing resources such as promoting down payment assistance programs and encouraging land-use to create more affordable housing projects. We want our clients to believe in themselves and to know that owning a home is a lifetime achievement. With lots of love, encouragement, and commitment - dreams can come true but require hard work and dedication. We are pleased to announce we have LanguageLine Solutions as our interpreting and translating services to help our growing diverse community with over 240 languages served.

Marco Chavez and his family from Guatemala became a first-time homeowner with our Purchase Repair Program in 2016.
Evelyn Abarca Murillo and her family from Costa Rica became a first-time homeowner with our Purchase Repair Program in 2019.
Mauricio Granados and his family from Columbia became a first-time homeowner with our Purchase Repair Program in 2016.