Homes owned by Hispanic Phoenix residents are worth 20% less on average than those with white owners, according to a new report.
Why it matters: Homeownership is one of the biggest contributors to wealth-building for Latinos, yet homes owned by Latinos and other people of color have traditionally had lower values.
The intrigue: Phoenix is an outlier — the gap between white and Latino home values nationally is the narrowest it’s ever been at about 12%, according to the report from Zillow .
Between the lines: The Valley’s high cost of living may be the root of the problem. Other expensive metros, like Los Angeles, Austin and San Diego, also have higher-than-average value gaps.
Systemic lending discrimination means Latinos tend to face higher lending fees and higher rates of mortgage denials than white homebuyers, further complicating their ability to break into pricey housing markets like ours, per Zillow’s analysis.
Zoom out: Housing affordability is among the main concerns for Latino voters ahead of the Nov. 5 election. In an interview last month with Noticias Telemundo , the Harris campaign detailed plans to help Latinos increase access to bank lending, including mortgages. Harris has also promised downpayment […]
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