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UnidosUS hosted its third installment of its Latino Vote Briefing Series on June 13, focusing on the critical issue of Latino voters and homeownership. Over the next twenty years, Latinos are projected to constitute 70 percent of America’s net new homeowners, underscoring their vital role in the nation’s housing market and overall economy.
Hispanic homeownership has increased in the past nine years despite a tough housing market, as shown in the National Association of Hispanic Real Estate Professionals’ 2023 State of Hispanic Homeownership Report. This is a crucial step for building generational wealth, and for Latinos, homeownership represents family, security, and stability.
Despite homeownership being a key aspiration within the Hispanic community, numerous barriers—stemming from public policies, business practices, and the current housing market conditions—impede their full access to the American financial system.
“In today’s housing market, young Latino families face a triple threat: skyrocketing prices, a shrinking pool of affordable homes, and barriers to securing mortgages,” said Samuel Kenney, senior policy analyst of UnidosUS Economic Initiatives. “This is a clear call to action. Policymakers must double down on policies that increase housing supply and ensure fair access to affordable homes. It’s time for decisive moves to secure the future of our communities by expanding access to housing and homeownership.”
Here are a few key takeaways from UnidosUS’ briefing on homeownership and affordability:
Housing concerns and the cost of living are the single biggest financial hardship. This was prevalent for Latinos among all demographic groups—regardless of gender, generation, and political party—that were surveyed.
Latino economic concerns are closely tied to housing and living expenses. The increased cost of buying or renting a place to live (76 percent) and everyday food and basic expenses (82 percent) are both costs that Latinos have seen rise over the past year.
Strong economic headwinds are impacting Latinos’ ability to become homeowners. A majority of Latino renters (65 percent) and Latinos under forty (59 percent) said they want to buy a home, but too-high home prices and lack of savings are the biggest barriers.
Latinos are willing to move to more affordable markets if policymakers don’t address housing affordability and inventory challenges. Latinos are the only demographic that have seen consecutive growth in homeownership in the past nine years, but two-thirds said they might have to move if affordability doesn’t improve.
UnidosUS provided three areas that policymakers should focus on:
1. Increase the availability of affordable starter homes by reforming discriminatory zoning and land use regulations to unlock new opportunities into maintaining old homes and building new ones.
2. Invest in programs and policies to offset the high costs of housing and provide a boost to young families looking to buy their first home.
3. Advocate for solutions that help offset the impact of high interest rates, develop programs that help reduce debt burdens, and improve credit access and financial education.
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Learn more in UnidosUS’ memo on the Latino Vote Series: How Housing Concerns Are Shaping Latino Voter Sentiment.
This article was written with the assistance of AI.
