Homeownership Helps Individuals and Region
Sunday, October 8, 2006
The immigrant population of the Washington area has grown vastly in recent years, and the communities in which these new Americans have settled have benefited tremendously. Think Korean Americans in Annandale or the mosaic of immigrants in Arlington, Takoma Park and Silver Spring.
The Latino community, native-born and immigrant, is making a significant financial investment in our region.
Latino homeownership is a key element of this equation.
Increased homeownership reflects a decrease in discriminatory practices, and it means more economic stability and empowerment for Latinos. While some Latino families and other recent immigrants remain targets of predatory lending schemes and other barriers to homeownership, the vast majority are thriving. Increasingly, they are using key financial services, such as mortgage financing and homeownership education programs.
The rise in homeownership has brought significant benefits to the Latinos themselves, of course, but also to the region in general. Homeownership is the base of wealth creation for Latinos, and it brings with it a sense of belonging and permanent residence in the Washington area. Homeownership also encourages recently arrived Latinos to be an integral part of the community, a community where Latinos, for many decades, have had a statistically significant but unheard presence. Latinos can now more affirmatively say: "We are not visitors; this is my community too."
This enfranchisement of immigrants is beneficial on at least three levels. First, it encourages fellow immigrants to become engaged with, and woven into, American society as a whole. Second, it is empowering to individual immigrants, and it enhances their sense of self. Third, the region's reputation as a multicultural hub makes it a more desirable place to live.
As financial institutions have noticed, Latinos increasingly are a source of wealth and have widened the tax base in jurisdictions across Maryland, the District and Virginia. The increase in homeownership offers stability for Latinos, and it reduces gentrification-induced transience and many of the social problems and stresses that go with it.
Yet, the realization of the American dream does not end with the purchase of a home.
The dream will truly manifest itself for Latinos only if current homeownership statistics hold up over time and if Latinos are able to hold their own in the competitive Washington market, which has marginalized some ethnic communities.
This will require governments, banks and the real estate industry to recognize the strengths and needs of the Latino market. For starters, sustainable loan packages and legal frameworks -- such as comprehensive regulations targeting predatory lending -- should be developed to minimize the likelihood that Latinos will become yet another group displaced by gentrification.
The increase in homeownership underscores that Latinos have purchased a place at the table of public debate. From homeowner associations to advisory neighborhood commissions, increased participation through homeownership will allow Latinos to bring their issues to those forums, portrayed and articulated in our own words.
-- Gustavo Torres
Aspen Hill
The writer is the executive director of Casa of Maryland Inc., a nonprofit immigrant advocacy group.
View all comments that have been posted about this article.