New research from the Urban Institute finds that neighborhoods with high levels of residents with limited English proficiency have lower homeownership rates than other neighborhoods.
Neighborhoods with the fewest residents with limited English proficiency had a median homeownership rate of 74% in 2016, according to the research. In neighborhoods with the highest levels of limited-English-proficient residents, the median rate of homeownership was 64%—a gap of 10 percentage points. After controlling for factors that influence homeownership, such as income, age, and race, the gap was 5 percentage points.
According to the research, more than 2 million people in Texas have limited English proficiency, coming in second only to California with 3.8 million. The researchers from the Urban Institute say there may be an opportunity to increase homeownership and serve this population by expanding the availability of accessible Spanish-language materials and employing more Spanish-speaking professionals in industries such as mortgage lending.
The association provides Spanish translations of many of the most popular forms for real estate transactions at ngskmc-eis.net/realtorforms, which you can provide to clients for informational purposes. But remind your clients that they must sign the English-language versions.