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Trump suffers first defeat but as always doubles down for the next fight; From Ohio to Azerbaijan: How COP29 could shape local farming; Funding boosts 'green' projects in Meadville, PA; VA apprenticeships bridge skills gaps, offer career stability.

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Latinos in AZ struggle with closing the wealth gap

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Thursday, October 26, 2023   

Latinos make up 32.5% of Arizona's population and a recent webinar looked at the important role Latinos play in shaping the U.S. economy.

According to the Latino Policy and Politics Institute at the University of California, Los Angeles - not only do Latinos have a high labor participation rate in the state of Arizona, they also are more likely to own a home relative to the average U.S. Latino.

The Brookings Institution has found Latino wealth has grown about 7% annually over the last 20 years, but a persistent wealth gap still exists between Latino and white families.

Joe Scantlebury is the president and CEO of Living Cities. He said it is important to look at the larger picture of the findings in the report.

"Yes, we are owning homes at a higher rate than some other groups, and I think that'll continue to rise," said Scantlebury. "But what is the quality of the homes that we are owning? Are they sustainable where they are? Are they being developed in ways that add value over time or do they just give us higher debt?"

Half of Latinos in Arizona are housing cost burdened, meaning they spend more than 30% of their income on housing.

Scantlebury added that he would like to see an "emergence of an equitable and inclusive economy."

The report calls for significant federal investments, subsidies and programs aimed at closing the Latino wealth gap.

Sylvia Puente is the president and CEO of the Latino Policy Forum.

She said many times when members of the Latino community are asked how to build wealth, many will respond with needing to take another job, or having to work more.

She said it is precisely this type of mentality within the Latino community that needs to change.

"We know that most wealth accumulation is not happening from people who are getting their hands, toiling their hands doing anything, right?" said Puente. "It is how money builds on top of money, so part of it is helping people understand the dynamics of what wealth is and how to build it."

Puente said Latinos across the United States are in different financial situations. Those who find themselves in economic precarity may have to first achieve stability before prioritizing wealth-building goals.


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