Friday, September 30

Latinos in New York: Each time they invest and save more than the rest of the US population.


20% of Hispanic households in New York reported having at least one business.

Foto:
Bryan R. Smith / AFP / Getty Images

The annual report of the Hispanic Wealth Project has been published, which reports on the wealth creation of Hispanics in the United States each year, and the data indicates that Latinos in New York have been more concerned with investing in their homes and growing their savings than the rest of the country.

This report analyzes the purchase of real estate in the Hispanic community, as well as their foray into business, saving habits and diversifying their wealth through stock investing.

living place

The results indicated that 26.3% of Hispanics in New York already own a home. While 35% of Latinos who are renting plan to buy a home within the next 5 years.

On the other hand, 29% of Latinos in New York are saving to acquire a property.

Entrepreneurs

Latinos in New York are good entrepreneurs, as 20% of Hispanic households in this state reported having at least one business, this represents 54% more than the general US population.

What’s more, Latinos are 75% more likely to say they plan to start a business in the next five years than the rest of the general population of the country.

Investment and savings

17% of Latino households have at least one college savings account, compared to 10% of the general US population.

Additionally, 32% of Latino households in New York have an account with a stockbroker, while only 27% of the rest of the nation’s population do.

50% of Latino households have a retirement account, compared to 46% of the general US population.

Pandemic problems

During the pandemic, Latino households in New York were severely affected, as they were more than twice as likely to experience layoffs as the general population of the United States.

Additionally, 24% of Latino households have had to spend at least half of their savings to cover the loss of income.

Likewise, 38% of Latinos have had to meet their expenses using their credit cards, this represents an increase of 7% compared to the levels they presented before the pandemic.

To support themselves during the pandemic crisis, 11% of Latinos in New York invited a relative to live with them.

El 26% of Latinos in New York have a father who lives with them and 40% plan to support their parents in retirement.

Despite these financial setbacks, 46% of Latinos in New York have continued to save during the pandemic, while only 41% of the rest of the general population in the United States did the same.

In conclusion, according to the Hispanic Wealth Project, current data indicates that real estate purchases and historic levels of home equity gains over the past few years have protected wealth creation for Latino households.

Additionally, the report concluded that the Latino community’s work ethic continues to be an invaluable asset to its prosperity in the United States.

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