By Arlenys Tabare
One of the goals that make up the long-awaited American dream is to have one’s own home and the Latino population living in the United States certainly does not escape this and is currently rethinking how to achieve that goal in the midst of strong economic pressure and a tight real estate market.
According to him BMO Valid Financial Progress Index (BMO Valid Monetary Development Index), more than 76% of Latinos in the US affirm that acquiring a home is one of their life goals; It is for this reason that it has been promoted among this population a trend called “Family Mortgage”, which basically combines all family resources to achieve shared aspirations or goals.
In this regard, Lizzy Díaz-Ortiz, vice president of Hispanic/Latin Banking at BMO, commented that, despite economic pressures, the Latino community is demonstrating incredible resilience by turning their dreams of accessing housing into a family effort.
“We are seeing a significant shift away from the traditional property ladder towards the shared goal of establishing a “without kill family dwelling,” a family home for life,” he said. And, despite the challenges that the real estate market shows, The desire of Latinos to own a home continues to be above the obstacles that arise.
Nevertheless, the BMO report also mentioned that more than 50% consider that they will not be able to buy a home, while 46% stated that, if it were not for the help of their family, they would not have been able to acquire a property.
On the other hand, the analysis detailed that generation Z is the most anxious financially; 61% of Latinos who make up this generation agree that the “American dream” It is no longer just about buying a home, while 50% assure that, if necessary, they would use their retirement savings to finance the purchase of a property.
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