Homeownership rates for Latinos in Rhode Island are well below the national average. New data show 25 percent of the of the state’s Latinos own their own home, compared the national average of 45 percent. That’s according to study by the Latino Policy Institute, and Housing Works RI. From 2007 to 2013, the cost of home ownership far outpaced incomes for Latinos in the state.
What’s more, the number of Latinos grew by more than 50 percent since 2000, making them the fastest growing population in the state.
Anna Cano Morales from the Latino Policy Institute says that has serious implications for the housing market. “The baby boomers who need to make other arrangements later on in life, who will they be selling their homes to, if Latinos are not fully engaged in this homeowner market,” said Morales.
She added that if the trend continues, the effects would be far-reaching. “Homeownership is directly tied to economic development, and the fact that home ownership among Latinos in Rhode Island is so low has tremendous implications for the entire real estate market, and all of the associated businesses around the real estate market.”
Morales added that Latinos who do own homes are often over-burdened by the cost, spending about 30 percent of their total budgets on housing. She cites the median age of just 26, and the persistent wage gap as reasons Latinos are less likely to buy homes.
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