ARIZONA LATINOS FACE BARRIERS IN HOUSING.
Did you know that Phoenix has thousands of young adult Latinos ready to take out mortgages and buy homes—but fewer homes are built in areas where Latinos live, causing housing shortages and high prices?
All Arizonans should have what they need to achieve financial security for themselves and their family—starting with access to safe and affordable housing. Rising rents and home prices in Arizona put housing out of reach for many low- and even middle-income people. It takes a wage of over $20 per hour to afford a one-bedroom apartment in Arizona, yet the minimum wage is $12.80 per hour.
Latinos spend a higher percentage of their income on housing than do others in the state. Almost 25% of Latinos spend more than a third of their income on rent or mortgage, compared with 16% of non-Latinos. This is a result of both the high cost of housing and low wages for Latinos. More spending on housing means less for food, clothing, and other necessities.
BUILD MORE AFFORDABLE HOMES
Not enough homes are being built in areas with high Latino populations. Arizona housing prices are rising at the highest rates in the country, and on top of that, Phoenix is in the group of markets with the highest housing shortages nationally. Areas in Arizona with higher populations of Latinos have less development than the rest of the state.
Let’s create incentives to build affordable housing in Latino areas.
TAP INTO THE POTENTIAL OF THE LATINO HOUSING MARKET
Arizona Latinos value and aspire to homeownership. The homeownership rate of Latinos in Arizona is almost double that of the US population as a whole. More than half of Arizona Latino households own their homes, with most of the growth happening in the Phoenix suburbs. In addition, young Latinos are even more mortgage-ready than ever.