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The national home ownership rates for Hispanics in the United States increased faster than any other ethnic group last year , according to data from the US Census Bureau
Your success in the market made them part of a home buying trend during the coronavirus pandemic:
Home ownership rates among U.S. Latinos soared as of 51. 4% last year , compared to the same time in 2017, when the rate was 45.5%.
“On 2020, Latinos really came out and started pushing the limits to buy houses , “he told the newspaper. Sacramento Bee, real estate agent Edgar Sanchez, who has tra gone down in the city during the last 17 years.
Sánchez believes the increase is partly due to Latinos feeling more comfortable and with more information on home purchases after the real estate crisis of 2008, when many faced foreclosures mortgages and risky loans.
Today, the average price of a home in California is around $ 940, 827 dollars , according to the California Department of Finance.
After noticing that home prices began to skyrocket across the state during the COVID pandemic – 17, Albanita Erebia and her fiancé Daniel Savala knew they had to act quickly.
“We were afraid that the market would continue to going up, ”said Savala, who has three children and one more on the way with Erebia.
After three months of searching and making unsuccessful offers in various properties, Erebia, from 32 years, and Savala, of 40, they found their perfect home to start with: a $ 310, 000 dollars in North Sacramento.
About eight years ago, Savala recalls that a former boss offered to sell her a new model home in Sacramento. by $ 171, 000 dollars, but Savala declined the offer because she felt buying a home was out of her reach.
Some families like hers are taking advantage of others Lessons from the recession, seeking to gain d extra money and avoid the risk that buyers took in the early 2000.
The median homeownership rate for California households is approximately 55%.
For Latinos, the home ownership rate was 44. 1% in 2018, based on data from the Census American Community Survey of 2019, compared to the 63. 2% of whites, the 59. 7% of Asians or Pacific Islanders and the 36. 8% of African Americans.
In 2016, the national average wealth of a white family was $ 171. 000 dollars, according to an analysis by the California Center for Policy and Budget. For Latino families, who are less likely to own a home than white families, the average was $ 20, 700 dollars.
The new state budget includes $ 100 million to expand the Program state first-time homebuyer assistance , “which helps home buyers make a down payment, obtain a loan and pay closing costs on a home.” , depending on the budget.
“This is one of the primary vehicles the state uses to help connect families (who), without the help and down payment assistance, would probably not be able to achieve the ‘American Dream.’ “, Said Lourdes M. Castro Ramírez, Business Secretary, Consumer and Housing Services Agency.
” The program is highly designed and focused on closing the homeownership wealth gap that exists between Latinos, African American Californians, and low-to-moderate income households ”.
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