Giving Up on Home Ownership in the U.S., Many Immigrants Find Real Estate Back Home More Affordable
Union Andina, located in Jackson Heights, NY, advertises apartments to Bolivians, Ecuadorians, and Peruvians who want to retire from the pursuit of the American dream and return to their home nations. Down the street from Union Andina is another agency, Viventa, which also sells homeland apartments to Colombians and Salvadorians.
Businesses like these have multiplied, and are sprinkled throughout immigrant neighborhoods across the nation. They are companies that profit off of the growing disenchantment with immigrant life in the United States and immigration reform-related uncertainty. Increasingly, undocumented immigrants believe immigration reform won't grant access to the American dream or a pathway to citizenship or legal status in the U.S., prompting them to return home.
The emergence of these real estate offices shows how opportunities have changed for immigrants in the "land of opportunity," and how circumstances in the nation have made it more attractive to return home. The dream of owning an affordable home in the United States is becoming more difficult to achieve for many. Only 26 percent of Colombians own their own home in New York City, far below citywide and national rates of homeownership. Immigrants, in particular, were hit hard by the real estate crisis, and many still feeling the pain of lost homes.
Since the 1960s, Colombians have migrated to the United States, attempting to flee the lack of economic opportunity and increasing violence. Those grew to even larger numbers during the 1990s; today, 1 to 1.4 million Colombians live in the United States, particularly in Florida, New Jersey and New York. With 10 percent of the country's population living abroad, primarily in Venezuela, Spain and the United States, the Colombian government actively works to reverse the trend of Colombians fleeing the country.
The Colombian government has helped to make ventures such as Viventa and Union Andina possible, by supporting housing fairs organized by real estate agencies, with hopes of reclaiming some of their population. Aligned with Colombian banks and construction companies, agencies are able to promise apartments to Colombian citizens living outside of the country. Extending attractive terms: buyers have up to 32 months to pay a 30 percent down payment and up to 15 years to pay the remaining 70 percent. The average cost of homes in the United States is $300,000, while it's $80,000 in Colombia. In addition, the exchange rate between the U.S. dollar and the Colombian peso doubles the immigrant's purchasing power in Colombia.
William Moncada, who came to the U.S. 28 years ago to study accounting but was unable to due to the high cost of a college education, worked at an egg factory for years before finding work on the New Jersey waterfront. When mistreated, he often heard phrases such as: "If you don't like it, go back to your country." He made the decision to do just that, particularly as he cannot afford a retirement home in the US.
Uninterested in whether immigrants are undocumented, Federico Mejía, the owner of Su Vivienda Internacional, an agency based in Miami, stated, "40 to 50 percent of our clients are not in the best legal situation." The real estate companies only survey potential customers to ensure they have stable jobs and can pay their mortgage. Viventa has already sold 3,000 homes to immigrants in the US, most of whom have service industry jobs in construction or domestic work.
Also, instead of returning to neighborhoods where they were born or areas with armed conflict, many Colombians moved to more expensive neighborhoods, traveling to "find a social status." And, while many may find a more dignified life by returning to Colombia, reintegrating isn't always easy. There's difficulty when making friends and finding a support network; one may find that they feel insecure in the streets; and many are leaving behind connections and family in the US. Nonetheless, the Colombian immigrant population has become aware that Colombia is simply more affordable; and the lack of economic security in the US has challenged a longstanding desire to become a part of US society.
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