By Gordon Chavez, Financial Advisor
My wife came to this country from Mexico over 25 years ago for better opportunities for herself—and like many immigrants—for a better future for the next generation. We often talk about what we want to leave behind for our kids—not just values, but stability. For many families like ours, buying a home isn’t just about having a place to live—it’s about building something that lasts. Homeownership remains one of the most powerful ways to create generational wealth in the United States.
1. Why Homeownership Matters
According to the Federal Reserve, the average homeowner has nearly 40 times more wealth than the average renter. That wealth comes from equity built over time—equity that can help pay for college, launch a business, or simply give the next generation a head start.
As my friend Shanne Sleder, local mortgage advisor with RWMLoans.com, shares, “Owning real estate is a first step to developing generational wealth and securing your retirement. It can be tough to break into the market in North County, but there are special programs that can help with down payment assistance and the ability for first-time buyers to qualify.”
2. Barriers Latino Families Face
A 2024 Urban Institute study found that even when income and age are the same, Latino households still have lower homeownership rates. In 2023, the homeownership rate among non-Hispanic White Americans was 73.8%, and Hispanic Americans, just 49.8%
Why?
- Higher debt-to-income ratios
- Limited credit history
- Less generational wealth for down payments
3. Taking the First Step
- Explore down payment help at DPA One
- Use rent and utility reporting to build credit
- Look for first-generation buyer programs
Homeownership can be a powerful tool to build security, community, and legacy. With the right tools and support, we can become not just homeowners but legacy builders.
