Wednesday, May 13, 2009

Of course, your definition may vary

The rate of homeownership in the United States is holding up better among immigrants than it is for native-born Americans, according to a study released this morning.

The study by the Pew Hispanic Center in Washington analyzes housing, economic and demographic data from various government agencies and private sources. It found that although immigrants are far less likely than their native-born counterparts to own a home, the rate of homeownership for immigrants during the years of the housing bust has declined at a much slower pace than it has for those born in this country.

"Contrary, perhaps, to common perception, immigrants have not really fared as badly as one might have expected," said Rakesh Kochhar, an economist with Pew and author of the study. "The forces of assimilation seem alive and well and have guided them through the troubles in the housing market."

We have a different take on this: it would appear that perhaps assimilation is not working too well and that these immigrants have resisted the now all-too-pervasive trend in native-born Americans towards entitlement and susceptibility to the instant gratification sub-prime hook with regard to the American Dream and home ownership.

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