Immigration Reform Could Produce 3 Million New Home Buyers
We often hear about the immigrants who build our houses. But we don't often hear about the immigrants who buy them.
The National Association of Hispanic Real Estate Professionals recently estimated that legalization of undocumented immigrants could result in up to 3 million new home buyers, generating up to $500 billion in new real estate transactions.
Of the 11 million undocumented immigrants currently living in the U.S., they estimate that 6 million will pursue legalization or citizenship. Half of these would pursue homeownership based on average salary and home prices, as well as historic patterns of home buying among naturalized immigrants.
Hispanics, who make up 80 percent of the undocumented immigrant population in the U.S., are the fastest-growing group of first-time homebuyers, with over 1 million purchasing homes from 2010 to 2012.
More at http://www.burntorangereport.com/diary/13591/immigration-reform-could-produce-3-million-new-home-buyers .
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My husband purchased one outright in 2001 as it is multi family. He was going to go back to Italy in 2009 but didn't want to dump it due to the loss in value. We don't live in it now. Most of the folks who have come over here from Europe we know (Resident Aliens - sorry but that's what his green card reads) rent . . . Here to make their money then go home and invest.
I wonder if maybe the numbers will be a bit smaller? Also - that has to assume a living wage. Which is very hard to come by today for many people. 
