Immigrant Buyers Could Be A Solution For Distressed Properties

October 21, 2016

In cities like Detroit and Baltimore, immigrants are more qualified than domestically-born groups to buy distressed homes.

According to CNN Money, researchers from the Fiscal Policy Institute and the Welcoming Economies Global Network found that 209 out of 1,000 immigrant households could be eligible to buy a $50,000 home, a higher share than U.S.-born white (152 out of 1,000) and black (162 per 1,000) households.

In Detroit, it takes an annual income of $25,000 to purchase a $50,000 distressed property.

For low-income households, having a down payment is a significant challenge. Plus, getting a mortgage for a distressed property is difficult and newcomers often have problems with a lack of credit history or identification. "The average resident in Detroit doesn't have access to the information needed to buy a home," said Sergio Martinez, a Detroit buyer who was born in Mexico.

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