The Urban Institute’s Housing Finance Policy Center has just published a new blog: Hispanic Homebuyers Will Be Critical for the Next Housing Market Recovery. Here’s Why They May Struggle.
In their blog, the researchers explain that while the latest comprehensive review of Hispanic homeownership reveals that Hispanic homebuyers contributed significantly to the post-2007 housing recovery, their recovery from the COVID-19 crisis may not be as robust.
The researchers see three factors that will hurt Hispanic households’ ability to lead us out of the current crisis: Their high debt relative to income, smaller downpayments and relatively vulnerable incomes.
The also make five recommendations to strengthen Hispanic homeownership:
- Immediate federal intervention to support renters;
- Creating better tools for mortgage lenders to measure income;
- Extending the GSE patch;
- Promoting down payment assistance programs; and
- Changing land-use and zoning regulations.