Homeownership trends appreciation data and forecast for the Latino Community in Corona CA By Jenny Gonzalez
O PHOTO FROM 123RF
ver the past two years, the Californian housing market saw dramatic increases in home values. At the same time household incomes remained relatively unmoved- a gap that’s now having profound impact on the Latino community which makes up at least 40% of the total population. According to new research published by the Terner Center for Housing Innovation at the universt=ity of California, Berkeley, household incomes rose by about 23 percent between years 2000 and 2019 and at the same time, the median home values rose by about 7.8 times.
In counties like San Joaquin where Latinos make up over 40 percent of the residents, there was a significant drop in affordable homes for sale for the middle income families. In 2010, 91 percent of homes were affordable to middle-income families. This number has since dropped to 58 percent and similar trends can be seen in other counties such as Alameda, Santa Clara and Riverside.
“These areas that used to be affordable to working-class families, middle-income households, are increasingly becoming out of reach,” David Garcia, a policy MAY 2022 | 63
