Latinos Playing Crucial Role in Economic Recovery of the United States
The number of homeowners between 2000 and 2013 increased from 69.2 million to 74.7 million, with Latinos accounting for about 47% of homeowners during this time. This means that when the housing bubble burst, Latinos were hit particularly hard. Now that the economy is starting to dust itself off, the important role that Latinos have played in the housing market’s past will prove to be crucial for the country’s future economic recovery, but could also pose risks to the community.
The economy and the national employment rate are greatly affected by the housing market, after all. Back in 2012, an estimated 2.2 million Latinos were employed by the construction industry, making it the sixth largest employer of Latinos. When the financial crisis happened, the rate of new home constructions decreased while the foreclosure rate increased, resulting in the loss of employment for many Latinos.
Since that time, the housing market has been recovering. Latinos have recently been reported to be a “crucial driver” of the U.S. home ownership demand. According to a 2013 survey from Fannie Mae, Latinos are more likely to own a home than the general population because it’s better to raise a family and because it makes more financial sense. During 2014, it’s expected for the home values of Latino-owned households to increase by 16.18 percent.
Of course, as more Latinos continue to become homeowners, hazards like house fires and home invasions also begin to pose more of a threat to the community. Every 169 minutes, there’s a fire-related fatality, making residential fires one of the most dangerous threats to homeowners.
Burglary is also becoming more of a threat to the Latinos, as home owner rates increase in the community. It’s become such a recurring problem that there’s one burglary every 14.4 seconds, which means that there have probably been a few break ins since you began reading this article.
And that’s not to mention the risk of floods, water damage, and mold, either.
Despite the increased risks to the community, this news should be welcomed, as it shows Latinos are helping to pave the way towards a brighter economy.