Latinos to drive economic growth, as only demographic to increase homeownership rate

After losing 66 percent of their household wealth in the Great Recession, Latino homeowners could now be poised to lead the country’s economic recovery.

After more than 10 years of saving, Joanna Flores finally had enough to make a down payment on her first home. Flores, a 35-year-old IT specialist and single mother of two in Fresno, California, said that living with her parents had enabled her to put aside a few hundred dollars whenever she could.

“There were a lot of times where I just wanted to give up,” she told NBC News. “Just knowing in the long run that I was saving up money kind of pushed me to keep on going.”

While Flores contributed to her parents’ home expenses and mortgage, for the most part she focused on saving and building credit. Last year, she won a bid on a three-bedroom home for $245,000 and secured a first-time homebuyer loan. She used her $3,000 in savings and $3,000 of her pandemic stimulus to make the down payment.

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