3 Million New Home Owners Could be on the Horizon
The National Association of Hispanic Real Estate Professionals estimates that immigration reform could bring an estimated pool of 3 million new home owners into the market. The nonprofit trade association estimates that current legislation proposing to give legal status to some immigrants has the potential to generate $500 billion in real estate transactions over a five-year period.
Current legislation calls for the legalization of some 11 million undocumented immigrants who arrived in the country before Dec. 31, 2011.
“Foreign-born householders have a high value and strong desire for home ownership,” says Juan Martinez, NAHREP president. NAHREP leaders have been advocating for immigration reform that would create a path to citizenship for undocumented immigrants.
NAHREP research projects that home purchases made by 3 million legalized immigrants could pump about $180 billion in additional consumer spending into the economy.
“Immigration reform would unleash pent-up demand for home ownership by millions of undocumented immigrants,” says Alejandro Becerra, a former senior housing fellow and researcher. “It would help re-establish home ownership as a driving force in building wealth and accelerate the recovery of the nation’s economy.”