Latinos represent the fastest growing segment of North Carolina’s population with 50 percent of it under the age of 25, meaning they could play a huge role in determining the future of the state’s housing industry, reports Triangle Business Journal.
According to a study conducted by UNC, when compared to all N.C. households, Latinos are more likely to rent and half of all Latino renters and 37 percent of Latino homeowners are cost-burdened. Part of the problem is Latinos lack knowledge about their rights to home buying, ways to build and repair credit, and ways to acquire a mortgage loan.
The study suggests this lack of knowledge needs to be righted to help eliminate some of the barriers many Latino families are facing when it comes to their housing. Another factor that could help is the addition of affordable housing, for rent and for sale.
Latinos represent a significant potential market for the North Carolina housing industry, and a few adjustments to the current state of affairs could lead to a mutually beneficial outcome.