These demographic changes are caused primarily by a high immigration rate, which plays an immensely large role in the overall growth of the nation. The high growth rate among the Hispanic community has increased homeownership rates in this group. The number of Hispanics born in the United States has jumped considerably in the last several years from 46.1 percent in 1994 to 50.2 percent in 1999. In addition, the rate of foreign-born Hispanic residents climbed slightly more than 3 percent from 37 percent to 40.2 percent. Today, as the result, there are more Hispanic homeowners than ever before.
Asian immigrants are also potential first-rate homebuyers.
Members of the Asian and Asian American community are most likely to apply for their first mortgage within only a few years of settling here. Other less fortunate immigrants, many of who are fleeing their home countries for a variety of political and religious reasons, have just as much potential as future homebuyers. In the San Francisco Bay Area alone, one in seven settlers is a refugee. For many such immigrants, the path toward home-ownership begins with living frugally and saving most of their income early on. The ultimate goal for many immigrants is translating the American dream into a comfortable lifestyle and home ownership is the key factor in achieving this lifestyle.