What impact do immigrants have on the housing market nationally and locally?
In January 2013 the U.S. Census reported that, “With nearly 1 in 7 U.S. households headed by someone who is foreign born, decisions made by immigrants and their families to purchase a home can have a measurable impact on the U.S. housing market.”
In New York City a smaller percentage of residents own their homes than the nation as a whole. But the city’s immigrants are a driving force behind the demand for new housing, and have played a vital role in keeping the New York’s housing market alive. That said, there are huge disparities in rates of homeownership among immigrant groups, both in New York and nationally.
People from the Dominican Republic, New York City’s largest immigrant group, have the city’s the lowest rate of home ownership (8.2 percent). On the other hand, among city residents from Guyana (one of the top 10 immigrant groups in NYC) 51.9 percent own their own home.
The disparity between local and national housing trends is best illustrated by Mexican immigrants. Only five percent of Mexican immigrants in NYC live in a home they own; compared to the national rate: 45 percent of Mexican immigrants own their home.
Read about immigrants who've had to choose between struggling to own a home here and returning to their native land to retire.
(Used with permission from Feet in 2 Worlds. Infographics created with support from the Parsons Institute for Information Mapping at The New School. Fi2W is supported by the David and Katherine Moore Family Foundation and the Ralph E. Odgen Foundation. The Fi2W Magazine was made possible in part by The Media Consortium and the Voqal Fund.)