An immigration bill filed last week by a handful of bipartisan senators could trigger widespread change for the housing market if passed.
Under the provisions of the proposed legislation, most undocumented immigrants who arrived in the country before Dec. 31, 2011, would be granted residency. “This concept has the potential to lift demand for the nation’s excess in homes,” Sen. Chuck Schumer (D-N.Y.), who originally proposed the measure in October 2011, argued at the time.
Minorities and immigrants made up a respective 35 percent and 19 percent of the first-time buyer market back in 2007, according to the National Association of REALTORS®. Those numbers are expected to increase as more foreign-born citizens settle here and qualify to apply for mortgages.
Research from the University of California predicts that the share of immigrants who own rather than rent homes in the United States will reach 72 percent in 2030 — up from just 25.5 percent in 2000.
Source: “Immigration Reform Could Bring Big Boost to Housing Market,” Real Estate Weekly