For Latinos in Large Cities, High Rent and Stagnant Income Mean the American Dream is Slipping Away
While a majority of Latinos believe that homeownership is part of the American Dream, high housing costs and low incomes coupled with a lack of mortgage credit are locking them out of achieving it.
In the 10 cities in the nation with the highest median rents, households devote an average of 44% of their income to rent.
NCLR overlaid the large Latino populations in these cities to show the high burden of rent on Latino households, who tend to earn below-median income, especially in places like Los Angeles, San Francisco, New York, and Miami.
While we’ve highlighted trends in the past indicating Latinos are being locked out of the American Dream of homeownership due to tightening mortgage credit standards, this analysis highlights the difficulty many Latinos have in simply affording rent, let alone being able to pay off debt to improve credit scores or saving for a mortgage down payment.find out more