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Hispanic people experiencing largest homeownership gains in America
At 18 percent of the population, Hispanics account for 67.2 percent of U.S. net homeownership gains.
- After a 50-year low, Hispanics have seen the largest homeownership gains for any ethnic demographic.
- The uptick likely results from a bevy of gains Hispanics have seen in recent years.
- This rise in homeownership is part of an increasingly diverse United States.
Homeownership is seen as a keystone to the American Dream. The two have become so entwined that President George W. Bush proclaimed June National Home Ownership Month to help "more Americans achieve that dream." His proclamation further stated that homeownership helped families prosper, improved community stability, and promoted civic engagement.
"My Administration is working to provide all families with the tools and information they need to accumulate wealth and overcome barriers to homeownership," then-President Bush wrote. In hindsight, they're words best read with historic side-eye given how the excesses of the home-lending industry brought on the U.S. subprime mortgage crisis.
Recovery has been long and slow, and some communities are still clawing their way out. But since 2015, Hispanics have seen historic gains in homeownership, gains that have helped prop up a still shaky market.
Hispanic homeownership on the rise
Hispanic and Latinx protesters rally against home foreclosures during the Great Recession. Millions of homes were foreclosed upon each year, and minority groups were hit especially hard. Photo credit: Jacob Ruff / Flickr
Citing U.S. Census Bureau data, the Wall Street Journal reported that the rate of homeownership among Hispanics* has increased more than any other ethnic group. The rate has risen 3.3 percent since 2015, a bounce back from a 50-year low in 2015, and last year marked the largest homeownership gains for Hispanics since 2005.
While Hispanics make up roughly 18 percent of the U.S. population, they accounted for 62.7 percent of net homeownership gains, as noted by a National Association of Hispanic Real Estate Professionals' (NAHREP) 2018 report. They are also the only ethnic group to raise their rates of homeownership for the fourth consecutive year, and should this rate of increase continue, they will account for 56 percent of all new homeowners by 2030.
The result is a boost "that could help buoy the market for years," an incredible comeback when you consider how devastating the Great Recession proved to minority groups.
"The housing market would look very different today if it weren't for a tidal wave of Latino home buyers," Gary Acosta, co-founder and chief executive of the National Association of Hispanic Real Estate Professionals, told the Journal.
Recent years have seen Hispanics make other social and economic gains, as well. They are responsible for 81 percent of the U.S. labor force growth over the last decade, a time of economic expansion. Their median household income has seen the largest increase among all racial and ethnic demographics. And more Hispanics are earning diplomas and degrees than in the late '90s.
What are the reasons for these gains?
A good guess would be all of the above. The Wall Street Journal article cites education, income gains, and a growing familiarly with the U.S. mortgage system as the drivers of Hispanic homeownership. Jerry Brown, CEO of the National Association of Home Builders, argues for similar reasons:
"We've been studying it a little bit and what we think we see is, like a lot of Caucasian America, Hispanic income has risen significantly since the recession. Also, we see an increase in education levels among Hispanics. And thirdly, for some of the newly arriving Hispanics, they are used to paying cash for big purchases — that helps them avoid the complexities of the mortgage system."
Sadly, the windfall hasn't been even across the demographic board. African-American homeownership has dropped to an all-time low, falling 8.6 percent since its 2004 height. Potential explanations include a difficult recovery after the housing crisis and America's legacy of housing segregation.
Millennials are also less likely to own homes, despite many ultimately desiring to. This is thanks in part to student debt, income-devouring rents, and less median income than previous generations enjoyed at the same age.
America's shifting demographics
Another reason for these historic gains is ongoing demographic change. In short, America is, and will continue to become, more diverse than it was in previous generations. As we mentioned, Hispanics make up 18 percent of the U.S. population but half of U.S. population growth over the last decade.
At the same time, the population of Americans who identify as non-Hispanic white has been falling. In Hawaii, California, New Mexico, Texas, and Nevada, non-Hispanic whites make up less than 50 percent of the population.
Dudley Poston, professor of sociology at Texas A&M University, and Rogelio Sáenz, professor of demography at the University of Texas at San Antonio, crunched the numbers and found that an "aging white population, alongside a more youthful minority population, especially in the case of Latinos, will result in the U.S. becoming a majority-minority country in around 2044."
With America's demographics shifting over the next decades, no doubt people who identify as Hispanic will continue making these historic strides.
* We're use "Hispanic" over Latino, Latina, or Latinx as it is the term used in NAHREP's 2018 State of Hispanic Home Ownership Report, a major source of data for this article.
Ever since we've had the technology, we've looked to the stars in search of alien life. It's assumed that we're looking because we want to find other life in the universe, but what if we're looking to make sure there isn't any?
Here's an equation, and a rather distressing one at that: N = R* × fP × ne × f1 × fi × fc × L. It's the Drake equation, and it describes the number of alien civilizations in our galaxy with whom we might be able to communicate. Its terms correspond to values such as the fraction of stars with planets, the fraction of planets on which life could emerge, the fraction of planets that can support intelligent life, and so on. Using conservative estimates, the minimum result of this equation is 20. There ought to be 20 intelligent alien civilizations in the Milky Way that we can contact and who can contact us. But there aren't any.
Building a personal connection with students can counteract some negative side effects of remote learning.
- Not being able to engage with students in-person due to the pandemic has presented several new challenges for educators, both technical and social. Digital tools have changed the way we all think about learning, but George Couros argues that more needs to be done to make up for what has been lost during "emergency remote teaching."
- One interesting way he has seen to bridge that gap and strengthen teacher-student and student-student relationships is through an event called Identity Day. Giving students the opportunity to share something they are passionate about makes them feel more connected and gets them involved in their education.
- "My hope is that we take these skills and these abilities we're developing through this process and we actually become so much better for our kids when we get back to our face-to-face setting," Couros says. He adds that while no one can predict the future, we can all do our part to adapt to it.
Frequent shopping for single items adds to our carbon footprint.
- A new study shows e-commerce sites like Amazon leave larger greenhouse gas footprints than retail stores.
- Ordering online from retail stores has an even smaller footprint than going to the store yourself.
- Greening efforts by major e-commerce sites won't curb wasteful consumer habits. Consolidating online orders can make a difference.
A pile of recycled cardboard sits on the ground at Recology's Recycle Central on January 4, 2018 in San Francisco, California.
Photo by Justin Sullivan/Getty Images<p>A large part of the reason is speed. In a competitive market, pure players use the equation, <em>speed + convenience</em>, to drive adoption. This is especially relevant to the "last mile" GHG footprint: the distance between the distribution center and the consumer.</p><p>Interestingly, the smallest GHG footprint occurs when you order directly from a physical store—even smaller than going there yourself. Pure players, such as Amazon, are the greatest offenders. Variables like geographic location matter; the team looked at shopping in the UK, the US, China, and the Netherlands. </p><p>Sadegh Shahmohammadi, a PhD student at the Netherlands' Radboud University and corresponding author of the paper, <a href="https://www.cnn.com/2020/02/26/tech/greenhouse-gas-emissions-retail/index.html" target="_blank">says</a> the above "pattern holds true in countries where people mostly drive. It really depends on the country and consumer behavior there."</p><p>The researchers write that this year-and-a-half long study pushes back on previous research that claims online shopping to be better in terms of GHG footprints.</p><p style="margin-left: 20px;">"They have, however, compared the GHG emissions per shopping event and did not consider the link between the retail channels and the basket size, which leads to a different conclusion than that of the current study."</p><p>Online retail is where convenience trumps environment: people tend to order one item at a time when shopping on pure player sites, whereas they stock up on multiple items when visiting a store. Consumers will sometimes order a number of separate items over the course of a week rather than making one trip to purchase everything they need. </p><p>While greening efforts by online retailers are important, until a shift in consumer attitude changes, the current carbon footprint will be a hard obstacle to overcome. Amazon is trying to have it both ways—carbon-free and convenience addicted—and the math isn't adding up. If you need to order things, do it online, but try to consolidate your purchases as much as possible.</p><p>--</p><p><em>Stay in touch with Derek on <a href="http://www.twitter.com/derekberes" target="_blank">Twitter</a>, <a href="https://www.facebook.com/DerekBeresdotcom" target="_blank">Facebook</a> and <a href="https://derekberes.substack.com/" target="_blank">Substack</a>. His next book is</em> "<em>Hero's Dose: The Case For Psychedelics in Ritual and Therapy."</em></p>
Chronic irregular sleep in children was associated with psychotic experiences in adolescence, according to a recent study out of the University of Birmingham's School of Psychology.