Hispanic Heritage Month is a time to celebrate the contributions Hispanic families, entrepreneurs, workers, and community leaders have made to our communities and our economy. It is also an opportunity to look ahead and discuss how we continue creating opportunities for future generations.
One of those opportunities has always been homeownership.
From my perspective as a real estate professional and as President of the Denver Chapter of the National Hispanic Construction Alliance, the desire for homeownership in the Hispanic community remains strong. What has changed is the affordability of achieving it.
Higher interest rates, insurance premiums, property taxes, HOA fees, and housing costs have reduced purchasing power. Many families who could afford a certain price range several years ago are now forced to look at less expensive homes, often without changing what they reasonably want from a home: a safe, comfortable place in good condition where they can build a future.
The affordability gap
One challenge is that homes in lower price ranges often need repairs or updating. Buyers may have enough money for their down payment and closing costs but not enough remaining to make substantial improvements after purchasing.
When they find an affordable home in good condition, competition can be intense. When they find a home that needs work, they may be competing against investors who can pay cash, purchase as-is, waive certain contingencies, and close quickly.
But there are solutions we are not using enough.
Programs such as FHA 203(k) and conventional renovation loans can allow qualified buyers to finance both the purchase and eligible improvements. Real estate professionals need to understand these programs and know which lenders offer them.
This can also create opportunities for the construction industry. As new construction has slowed, smaller contractors and tradespeople may benefit from renovation projects generated by buyers improving existing homes.
The changing economics of new construction
New construction can provide another path to homeownership, particularly when builders offer attractive financing or closing-cost incentives. However, buyers need to understand the long-term cost of ownership, not simply the initial payment.
As communities develop, property taxes and HOA expenses can increase. If owners later need to sell while the community is still being built, they may find themselves competing with builders offering incentives on brand-new homes.
At the same time, higher construction costs and increasingly challenging zoning and permitting processes have made it more difficult to produce housing at affordable price points. When construction slows, the effects extend beyond housing inventory to contractors, tradespeople, suppliers, and the workforce.
Insurance is now part of the affordability conversation
The rising cost of insurance has also become an important part of Colorado’s housing affordability challenge.
Annual homeowners’ premiums have been reported in the range of approximately $4,164 to $4,963, depending on dwelling coverage in comparison to $3,996 and $4,310 in 2025. Colorado’s exposure to hail and wildfire, combined with rising construction labor and material costs, continues to put pressure on premiums. This according to the Colorado Division of insurance.
These costs matter because insurance is part of a buyer’s monthly housing expense and therefore affects purchasing power.
This is particularly important with condominiums and townhomes, traditionally an affordable entry point into homeownership. Increasing costs for HOA master insurance policies can result in higher dues or assessments, reducing the affordability advantage these properties once provided.
As real estate professionals, we need to encourage buyers to shop for insurance early, compare quotes and understand the coverage they are purchasing. We also need relationships with reputable insurance professionals who can provide our clients with options and sound information.
Manufactured housing and an opportunity we shouldn’t ignore
Especially for Hispanic families, Manufactured homes in land-lease communities have become another important option for buyers who have been priced out of traditional single-family homes and, increasingly, condominiums and townhomes.
These homes can provide considerably more living space at a much lower purchase price. But buyers face significant financing challenges.
Manufactured homes in parks are generally financed with chattel loans rather than traditional mortgages, which can mean higher interest rates and larger down payments. More importantly, down-payment assistance for manufactured homes on rented land is essentially nonexistent.
Lot rents have also increased substantially in many communities. Buyers must therefore consider the entire monthly expense—not simply the purchase price of the home.
If manufactured housing is going to continue serving as a path to affordable homeownership, we need better financing options and down-payment assistance programs specifically designed for these buyers.
That represents an opportunity for lenders, real estate professionals, nonprofits, community organizations, and policymakers to work together and address a gap in our current housing system.
Moving from challenges to solutions
During Hispanic Heritage Month, we should certainly celebrate how far our community has come. But we should also ask what we can do to create greater opportunities for the next generation.
For those of us in real estate, construction, lending, insurance and related industries, that means becoming part of the solution.
We need to educate ourselves about renovation financing, down-payment assistance, alternative lending programs, insurance options, and other resources. We need relationships with reputable lenders, contractors, insurance professionals, housing organizations, and community partners who can provide alternatives when traditional approaches don’t work.
When a family encounters an obstacle on the road to homeownership, our first response shouldn’t simply be:
“You can’t buy this home.”
It should be:
“What options do we have to make this work?”
The desire for homeownership in the Hispanic community has not disappeared. What has changed is the complexity of achieving it.
Homeownership can provide more than a place to live. It can offer stability, an opportunity to build equity, and something meaningful to pass from one generation to the next.
I believe one of the best ways we can honor the accomplishments of previous generations. I believe that requires bringing together the industries that help create and sustain homeownership—real estate, construction, lending, insurance, and community organizations.
We may not be able to solve the affordability challenge overnight. But we can educate, collaborate, advocate for better solutions, and make sure families understand the options available to them.
Celebrating our heritage is important. I believe one of the best ways we can honor the accomplishments of previous generations is by creating opportunities for the next generation.
Juan L. Sanchez is President of CENTURY 21 Bear Facts Realty in Denver, Colorado and President of the Denver Chapter of the National Hispanic Construction Alliance.
This column does not necessarily reflect the opinion of HousingWire’s editorial department and its owners.
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