Why Latinos Can’t Afford Rent
Everyone in the U.S. went through hard times during the recession that peaked in 2009 with the housing market crash. And while the economy is slowly recovering, Latino millennials are not buying houses anytime soon.
Trulia, the real estate listing site, recently posed this question: “Who Lost the American Dream?” To no one’s surprise, the answer seems to be: Latino millennials.
During the recession, five percent of the population become renters rather than homeowners and “Hispanics became renters at a rate greater than any other ethnic group,” Trulia says.
“Not only are the percentage of renters increasing, so are the rents – which have risen faster than incomes,” Trulia stated. “Average rents in the top 50 markets have risen 22.3 percent while incomes nationally fell 5.8 percent in the nine years since 2006.”
So with incomes being low and housing prices increasing, the coveted “American Dream” seems more like a mirage than dreamlike.
Read more about the prolonged housing crisis from the LA Weekly here.