Real Estate

Multigenerational Hispanic households feel rising economic pressure

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Juan Espinoza, far left, with his family.

A combination of rising interest rates, high home values and limited inventory has been squeezing prospective homebuyers — and perhaps few know that as well as Juan Espinoza does.

The 23-year-old resident of Santa Ana, California, has been on a three-year search for a dwelling that’s within the family budget that includes the four in his own family — and his parents.

“We live in an apartment right now, just waiting for the market to come down a little bit,” Espinoza said. “We’ve been outbid so many times I’ve lost track of how many houses we saw.”

The family is facing two trends that have made the search especially difficult. The first is that…



Source cnbc.com

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