Miami, May 23 (EFE).- Rising mortgage and rent rates in Miami seem to distance the Hispanic community from the dream of owning a home, a notion that Bank of America hopes to “demystify” during a workshop it will hold in collaboration with Agencia EFE on June 3 in this U.S. city.

According to the Bank of America Institute, Southern cities like Miami, Tampa, Atlanta, and the Southwestern city of Phoenix are experiencing more significant real estate surges than their Northeastern (Boston, New York) and Western (San Francisco and Los Angeles) counterparts.

The report notes that prospective homebuyers in Miami are 77% hesitant to purchase due to the city’s high housing prices, compared to 56% nationwide.

Interestingly, 28% of millennials are less likely to utilize public or private grants for closing costs, compared to 37% of their peers nationwide. The primary motivations to buy homes for this segment are to settle down with their growing family and start building equity, according to the Bank of America’s 2022 Homebuyer Insights Report.

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