Collaborating to Expand Housing Opportunities for Latinos

Several organizations are actively collaborating in the Chicago area to create strategies and support programs within the real estate industry. These organizations include the Latino United Community Housing Association (LUCHA), the Chicago Area Fair Housing Alliance (CAFHA), the Lawndale Christian Development Corporation, the Brighton Park Neighborhood Council, Neighborhood Housing Services of Chicago, the Northwest Side Housing Center, the Hispanic Housing Development Corporation, and Housing Action Illinois.

Each of these organizations plays a vital role by offering resources and counseling for Latinos and African Americans seeking homeownership opportunities across the city.

In 2020, to expand opportunities for Latino buyers, these organizations united under the Protecting & Advancing Equitable Homeownership initiative. This initiative provides grants in four strategic areas: financing, ownership models, policies, and affordable housing. The Chicago Community Trust manages the grants used to fund training programs.

Several recommendations have emerged from these collaborations, including the expansion of financial assistance programs or down payment loans, support for increased affordable housing options, development of regulations promoting multigenerational living, and enhanced counseling and information campaigns targeting renters and young individuals preparing to enter the housing market soon.

The Future of Latinos in Chicago Lies in the Suburbs

“Real estate investment is one of the safest ways to build generational wealth and prepare families for a successful future,” stated real estate agent Francisco Ríos.

With this in mind, the future looks bright for buyers in general and particularly for Latinos.

According to the annual State of Hispanic Homeownership Report 2023 by the National Association of Hispanic Real Estate Professionals (NAHREP), the Hispanic homeownership rate reached 49.5% in 2023.

Before analyzing the mortgage landscape for Latinos, it is essential to paint a picture of where Latinos have relocated in the Chicago metropolitan area.

Between 2010 and 2020, approximately 84% of the Latino population growth in the Chicago metropolitan region occurred in the suburbs, according to the 2023 report Latinos in the Suburbs: Challenges and Opportunities¸ produced by the Latino Policy Forum.

“After living in Gage Park for 26 years, I found a home with the number of rooms and space my family needed at an affordable price in the suburb of Summit,” said Guadalupe Brizuela, whose mortgage payment increased by $300 in 2023 due to rising property taxes in the suburb.

Of the 2.3 million Latinos in Illinois, more than 50% reside in suburbs within the seven counties of the Chicago metropolitan region.

“My millennial clients are buying in the suburbs, while many senior clients, baby boomers, are transferring wealth to their children or purchasing second homes,” Ríos explained.

Over the past decade, McHenry and Kendall counties have seen the largest increases in their Latino populations. In Kendall County, the growth was 52%, according to a report by the Latino Policy Forum.

All indicators suggest that the future of the real estate industry will largely be in the hands of young Latinos. Nearly one-third of Latinos in the United States are under 18 years old and will be ready to start buying homes within two years. This highlights the importance of educating the next generation of Latino buyers about current opportunities that make investing in financial wealth through homeownership more accessible.

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The production and publication of this story by La Raza have been made possible in part thanks to a grant from The Chicago Community Trust through its Cross Community Impact / Collective Power grant program.