Report: Hispanic homeownership gap widening

hispanicBy Jacob Passy | National Mortgage News

As the Hispanic population in the United States soars, the number of Hispanic households unable to afford to buy a home is also growing, a new report from The Demand Institute found.

Only 1.5 million of the 4 million Hispanics who would like to purchase a home can afford to do so, the report released May 28 noted. Meanwhile, by 2020, nearly 40% of new households will be Hispanic.

Many of those who cannot afford to buy a home do not have the credit, income or funds for a down payments, the report said.

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