When we talk about homeownership as a strong thread in the fabric of the American Dream, the idea conjures an emotional response connected to family, pride and sacred space. Though less idyllic, the potential to raise your own financial ceiling is an equally important part of the homebuying story. Quoting the Hispanic Wealth Project report, “homeownership is the cornerstone and genesis of wealth creation for the middle class,” and therefore our strongest lever in shrinking the Hispanic wealth gap.
- The Hispanic Wealth Project (HWP) just released its 2016 annual report, which stated that "homeownership is the cornerstone and genesis of wealth creation for the middle class," and therefore our strongest lever in shrinking the Hispanic wealth gap.
- In 2013 White households had $141,900 in household wealth compared to $13,700 reported by Hispanic households -- a tenfold difference in net worth.
- While the Hispanic desire to purchase is evident, the report lays out several barriers preventing this demographic from moving the needle at a faster pace, including tight inventory and difficulty in finding a loan.
- To address these issues, the HWP has identified suggestions for improvement, five of which are highly critical.