Latinos are building the American Dream for all
The increase in education and home ownership rates, and a growing business environment among this community proves it.
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Americans of Latino descent continue to build the American Dream and there is plenty evidence to prove it.
“We are not only building it, we have laid the foundations of the American Dream. We are believers, we have strong values,” says Claudia Romo Edelman, founder and president of We Are All Human Foundation.
She offers credible statistics to prove it. Millennial Latinos, for instance, have doubled their degrees from 2000 to 2018 in 162% compared to 40% for Non-Latinos, according to data provided by We Are All Human.
“This shows that young Latinos are becoming more established, will create new families, start businesses, experience social mobility and contribute to the economy’s growth,” adds Romo Edelman.
For instance, from April to June 2020, Latino Labor Force Participation soared at a rate more than double of Non-Latinos. Likewise, the Hispanic Buying Power scales to 1.7 trillion dollars. This, as Romo says, will play a key role in the economy's recovery. “Everyone needs to get on the train. Invest in us, attract us as clients, as consumers. Show that you care about Hispanics.”
But the Latinx community also has its own growing business ecosystem:
Eight of 10 new businesses formed were Latino owned. According to a study by the Stanford Graduate School of Business, if those businesses grew as fast as the U.S. average, they could add $1.4 trillion to the U.S. economy.
However, Romo Eldeman points out that most Latino businesses don’t scale up. They tend to remain smaller than white-owned businesses, with average revenues of 1,2 million dollars per year for Latino-owned employee firms (with paid employees), compared to 2,3 million dollars for Non-Latino owned firms. “We outpace all others in business formation and there is a huge opportunity to scale up and grow. If we grow, everyone grows,” she says.
There is another area with consistent growth indicators for Latinos. For the 5th consecutive year, they are the only group increasing their homeownership: 66% of new homes are being bought by Latinos, despite the fact that their median age (28) affects credit scores, income and household wealth.
Romo Eldeman remarks that despite the challenges that still need to be overcomed, the positive facts are a reminder that “we need to celebrate Latino accomplishments and realize that the stereotypes are no longer true.”
“We are more and more educated and we are making the American Dream a reality for ourselves, for our community.”