Hispanic Housing In The United States.

Esperanza USA released the results of a groundbreaking study on the state of the nation’s Hispanic housing. The report demonstrates that despite their unprecedented progress, Hispanic Americans face many housing difficulties in today’s market. Esperanza USA joined with the Council of Federal Home Loan Banks in commissioning the Institute for Latino Studies at the University of Notre Dame to conduct the research.

The changing demographic structure of the U.S. population, particularly that of the Hispanic community — which, according to a recent report by the U.S. Census Bureau, has made up 50% of the nation’s population growth since 2002 — is redefining housing demand and creating new avenues for innovation and products targeting the Hispanic market. Nevertheless, numerous challenges confront Hispanics in the housing market.

“The dramatic rise in Hispanic households has been fueled both by natural population growth and by a large influx of immigrants from Latin America in search of the American dream. That rise, while great for Hispanics and the nation as a whole, has not always meant a rise in adequate housing,” said Rev. Luis Cortes, President of Esperanza USA. “This report helps us to identify and hopefully begin to address the impediments Hispanics face in obtaining housing in the United States.”

According to the study:

* Although more Hispanics own their own homes than ever before, Hispanic householders are still significantly less likely than their non-Hispanic White counterparts to own their own homes. Approximately 47% of Hispanic household heads are homeowners, compared with 76% of White household heads.

* Hispanics also have lower mortgage approval rates than non-Hispanic Whites.

* While the median income of Hispanic homeowners is far lower than that of Whites, the median current market value for homes owned by Hispanics is very close to that of homes owned by Whites.

* The nation’s Hispanic population is also disproportionately concentrated in relatively expensive urban housing markets for both buyers and renters, such as Los Angeles and New York City.

* Hispanics face other barriers to accessing affordable housing and are severely cost-burdened.

* Hispanics are more likely to pay more than half of household income on housing expenses than Whites, and are more likely to live in inadequate and crowded conditions than Whites — despite the fact that Hispanic households are much more likely than others to be composed of additional family and non-family members, many of whom contribute to the household budget.

“As this study clearly demonstrates, it is essential that public and private sector organizations in communities around the country increase their efforts to ensure that Hispanics’ burgeoning needs for safe, affordable, and high-quality shelter are met — not just for owner-occupied housing but for rental housing as well,” said Timothy Ready from University of Notre Dame’s Institute for Latino Studies. “Learning more about the current state of Hispanic housing is a positive step in that direction.”

For more information at http://www.esperanza.us/