Here's an aspect of real estate that many people are overlooking. Immigrants, or foreign-born homeowners, are becoming strong proponents of our blossoming housing recovery, and will continue to be for the foreseeable future. How about that? The new efforts to revamp immigration laws will not only serve as an economic stimulus to the job sector, but consequently the housing market as well. According to a Mortgage Bankers Association study, the number of immigrant homeowners are expected to increase by 2.8 million by 2020, compared to a 2.4 million gain in the previous 10 years.
The number of new homeowners may increase even more if undocumented workers were put on the path to citizenship. The American Dream is one of the driving forces behind new immigration to the United States. This philosophy resonates with people world-wide and will continue to do so as long as economic mobility is possible. According to a Businessweek article,
immigrants hold more positive views toward homeownership than native-born Americans. And the more prosperous they become, the more likely they are to buy a home. Whatever your political views may be, homeownership is a desire across all races and social classes. USC public policy professor Dowell Myers, firmly believes, "we've probably underappreciated this powerful force that is already resident here and is so upwardly mobile that it pushes up the housing market from the bottom. There's this incremental momentum that’s built up."