Immigration reform legislation being debated by Congress could, if passed, create a new pool of three million homebuyers who would generate more than $500 billion dollars in potential real estate and property sales, according to the National Association of Hispanic Real Estate Professionals (NAHREP).
These new homebuyers also would spend an additional $233 billion in related fees, commissions and consumer spending related to home ownership.
“Foreign-born householders have a high value and strong desire for homeownership,” said Juan Martinez, NAHREP president.
The association estimates that as many as six million undocumented immigrants are likely to pursue legalization and possibly citizenship under pending legislation, and up to three million would pursue homeownership based on the patterns of naturalized Latinos.
Among the factors the NAHREP used to base its monetary projections included past purchase trends among immigrants, average age and household incomes of undocumented householders, the current median sales price of U.S. homes, and calculations of home purchase amounts based on a median projected figure of $173,600 per home.
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