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59 » VISIT US ONLINE @ DSNEWS.COM HOMEOWNERS BRACE FOR CLIMATE CHANGE Half of residents in major U.S. metro areas believe climate change will affect their homes or communities within their lifetime, according to the Zillow Housing Aspirations Report. e report reveals that young adults and people who live in coastal metros are most likely to anticipate that their lives will be impacted by climate change. e report states that around 62% of people ages 18 to 34 years say their homes or communities will be affected either "somewhat" or "a great deal" in their lifetimes, compared with 51% of people ages 35 to 54 years, and only 39% of those 55 years and older. By city, Miami (61%), San Jose (59%), and Los Angeles (57%) were most likely to anticipate climate change impact, compared to St. Louis (40%), Detroit (43%), and Philadelphia (44%). "is survey confirms that millions of Americans are sensitive to the risks associated with climate change and believe they will face them in their lifetimes," said Skylar Olsen, Director of Economic Research at Zillow. "Young adults are much more likely to recognize the reality of climate change-related risks to their homes and communities. Every month new evidence is brought to light about the risks ranging from rising temperatures to more frequent floods to wildfires, and people are hearing the message. Even across age groups and political lines, there is at least consensus that when you are in a hole the first step is to stop digging, in this case by not continuing to build new homes in high-risk areas." A previous analysis from Zillow found that more than 800,000 existing homes worth $451 billion will be at risk in a 10-year flood by 2050. Additionally, there are around a half million homes in California at risk from wildfires. Zillow also surveyed residents on what solutions they would like to see. Of those surveyed, 71% would support new laws to prevent developers from building in high- risk areas that are prone to natural disasters. Additionally, 62% support making structural improvements to homes to mitigate damage, while 59% would support the adoption of new policies that require homeowners in high-risk areas to buy disaster insurance. WHERE IS THE HISPANIC DEMOGRAPHIC MOVING? Hispanic homeownership is lagging behind non-Hispanic white homeownership, according to a study from the Urban Institute. e study states that the gap is highest in the Northeast and smallest in the Southwest, however, Hispanic populations are smallest in the Northeast. For example, New York City has the second-highest number of Hispanic households—almost 1.5 million—but they represent only 21% of total households. In Utah, for example, Latinos make up 14.2% of the state's population, according to 2018 U.S. Census Bureau data. at number is believed to be increasing in 2019. e Daily Herald reports that Latino populations are not spread evenly in Utah County, and across the state. Abraham Hernandez, Executive Director of Centro Hispano in Provo, Utah, states that Utah Latinos have been spreading out. "Latinos are moving further down south in the county and going up really north in the county to Eagle Mountain," Hernandez told e Daily Herald. "We're seeing a huge bloom of Latino populations in Eagle Mountain, to the point where we've actually had people request our services up there." "ey're weighing their options—do I buy a house, pay a little bit more, but at least I own my house, or do I pay a lot of rent, and maybe it's not kid-friendly, maybe it's not enough bedrooms," Hernandez said. "Particularly when you look at how Latino families are multigenerational homes. You have grandma living there, you have your parents, and obviously the kids, so they need a bigger space." Two cities in the U.S. have closed the gap: Texas cities Laredo and El Paso. ese cities are both majority-minority cities: 77.7% of El Paso's households and 93.9% of Laredo's households are Hispanic. Notably, they are also both situated on the U.S.-Mexico border and, as such, are communities with sizeable immigrant populations. In each city, roughly a quarter of the population is foreign-born. e Hispanic population is expected to make up more than half of all net new households in the United States over the next 25 years, and the Urban Institute study notes that some changes must be made to the financing industry to address the needs of these buyers. Hispanic people on average use more cash than credit when making purchases. A lack of credit history precludes those who might otherwise be mortgage- ready from qualifying for a loan.

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