What is Bush Saying? Homeownership is not on the rise for Hispanics:
Study Tries to Explain Lag in Hispanic Homeownership
Rising prices, scant savings, low incomes, complicated industry practices and significant cultural barriers are shutting many Hispanics out of the housing market, according to a study released Tuesday by the Congressional Hispanic Caucus Institute. The study, based on focus groups with consumers, real-estate agents and advocates in 11 cities, is one of the broadest attempts to explain Hispanics' lagging rate of homeownership in America. In 2004, 47 percent of Hispanic households owned their homes, compared with 68 percent of all households, according to the Department of Housing and Urban Development. In many respects, the Hispanics in the institute's study fit the profile of other low- to middle-income city dwellers: They expressed a desire to own a home, but high rents, low incomes and tight housing markets kept them from buying. ``The Hispanic population is concentrated in some of the most expensive housing markets in the country,'' said Henry G. Cisneros, Housing and Urban Development secretary from 1993 to 1997. ``Rent is still a substantial part of their incomes.'' [more
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Rising prices, scant savings, low incomes, complicated industry practices and significant cultural barriers are shutting many Hispanics out of the housing market, according to a study released Tuesday by the Congressional Hispanic Caucus Institute. The study, based on focus groups with consumers, real-estate agents and advocates in 11 cities, is one of the broadest attempts to explain Hispanics' lagging rate of homeownership in America. In 2004, 47 percent of Hispanic households owned their homes, compared with 68 percent of all households, according to the Department of Housing and Urban Development. In many respects, the Hispanics in the institute's study fit the profile of other low- to middle-income city dwellers: They expressed a desire to own a home, but high rents, low incomes and tight housing markets kept them from buying. ``The Hispanic population is concentrated in some of the most expensive housing markets in the country,'' said Henry G. Cisneros, Housing and Urban Development secretary from 1993 to 1997. ``Rent is still a substantial part of their incomes.'' [more
]