Business & Economy

45% of Hispanics say the greatest financial success is buying a home: Bank of America

New York, Feb 7 (EFE).- Forty-five percent of Hispanics residing in the United States believe that the greatest financial success is buying a home, despite facing significant obstacles such as high prices or interest rates, according to a recent survey by Bank of America.

The financial institution also points out that 45% of the Latino respondents who already own a home consider acquiring one as one of their greatest achievements, surpassing those who believe raising a family (42%) and having a good credit score (32%) are more important.

“Homeownership is one of the strongest means to achieve financial stability in the United States. I am thrilled that this significant milestone continues to give potential homebuyers, including Hispanic-Latinos, a sense of pride,” said Joe Velázquez, Senior Vice President of Bank of America, regarding the bank’s latest “Homebuyer Insights” report.

Many respondents are willing to forego some of their requirements to purchase a house, such as being close to their family (36%) or their workplace (33%).

However, high interest rates are a challenge for all property buyers: 59% of the Latinos surveyed doubt whether to acquire a home due to this factor.

Yet, the number of Latinos waiting for a reduction in interest rates to buy a home (72%) has dropped 13% from May 2023 data, when 85% of Latinos said the same.

Uncertainty is a common factor among respondents, with 60% wondering if this is a good time to buy a home, citing concerns such as high closing costs, low credit scores, excessive debts, and the inability to save due to high rental prices.

According to the National Association of Realtors, the median sales price of existing homes in the United States rose 4.4% in December compared to the previous year, reaching $382,600.

Bank of America offers up to $17,500 in combined grants for down payments and closing costs of a home in an attempt to address the challenges many prospective buyers face, as detailed in the report. EFE

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BofA supports EFE in disseminating information of interest to Hispanics.

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