Sara Rodriguez Statement on Preserving Housing Investment in Reconciliation Bill
If we’ve learned anything over the course of the past 2 years, is that a failure to invest in the future, can leave our country scrambling. As we stand at a legislative crossroads, I urge you to consider that few market segments add more to our economy, and to the prosperity and stability of America’s families than quality housing, particularly homeownership.
The data shows that homeownership can lead to higher civic participation rates, better health outcomes, and higher educational attainment for our children. Homeownership is the single most powerful strategy for closing the racial and ethnic wealth gap and that is why we are here today.
Latinos are the youngest demographic in the nation with the highest work force participation rate. Latino homeowners have 28 times the wealth as Latino renters, and while the wealth gap wealth gap between Latino families and their non-Hispanic White counterparts is unacceptably wide, the gap narrows considerably when comparing the household wealth of Latino homeowners to that of non-Hispanic White homeowners.
Here is the critical point: As the Latino population ages into primary homebuying years, experts project that 70% of all homeownership growth in America will come from Latino families. The demand for housing among communities of color is there-however, the historic low levels of housing supply have left first time homebuyers engaged in bidding wars with upwards of 100 individuals. Greater investment in housing is needed now more than ever to unleash the homeownership growth potential inherent in our demographic vibrancy.
Looking at homeownership more broadly, history suggests that housing activity has helped bolster economic growth following past recessions, and according to the National Association of Home Builders (NAHB) estimates that housing makes up 16.3 percent of the U.S. GDP. High homeownership rates are a public good – worth fighting for.
But, a failure to invest in housing today could result in the lowest overall homeownership rate of our generation. The National Association of Hispanic Real Estate Professionals, NAHREP, urges Congress to ensure that Housing, and homeownership specifically, remain as critical elements of the upcoming budget reconciliation bill.
– 2021 NAHREP President Sara Rodriguez
The National Association of Hispanic Real Estate Professionals® (NAHREP®), a nonprofit 501(c)6 trade association, is dedicated to advancing sustainable homeownership for the Hispanic community in America. NAHREP has a network of over 40,000 real estate professionals and 100 local chapters nationwide, hosting several national events per year and publishing multiple industry cornerstone reports annually and multimedia content. Join us in advocating for policies that grow sustainable Latino homeownership, read our 2021 policy priorities here. See the NAHREP Hispanic Homeownership by Congressional District Tool which measures Hispanic homeownership by U.S. congressional district, allowing constituents, advocates, policy makers, and lending and housing professionals to evaluate district performance at a glance. Watch the Hispanic Homeownership short film.