Immigrants Raise Home Sales, Atlantic County Incentives Among Best
Immigrants Raise Home Sales, Atlantic County Incentives Among Best
A report by AS/COA and Partnership for a New American Economy shows immigrant homeowners were a strong market throughout the housing recovery, most notably in Atlantic County, NJ.
Aug. 18--A June report showed immigrant homeowners were a strong market throughout the recovery from the housing bubble burst, and Atlantic County had one of the strongest in southern New Jersey....
The benefits to such a move are twofold, according to Jason Marczak, director of policy at AS/COA. First, the immigrants tend to buy homes in areas where there are many vacant properties, and therefore are a concern for high crime.
Most American homeowners might stay away from these areas, Marczak said.
Secondly, by buying the homes in those areas, they breathe new life into it, he said. "By nature, they are more willing to take the risk in an area which may have once been in decline. They help boost the median home prices and rejuvenate these areas."
The economic opportunities these immigrants bring include the demand for local produce and retail, Marczak said. They revitalize the area when supermarkets, drug stores and other local businesses move into the area.
"They are pioneers in their communities, whether they are high-skilled or hands-on laborers," Marczak said. "They are not as well off as others and go to areas the working and middle-class (Americans) hesitate to go to."
In the decade covered in the report, the median home price increased by $4,141, Marczak said. While this is not an overwhelming increase, it is significant enough to make a difference for the average homeowner by stabilizing the value of their home....
