The immigration reform bill of the Gang of Eight would boost the country’s economy. Likewise, it would also boost the housing market. A study was recently released by the National Association of Hispanic Real Estate Professionals and according to that study the US housing market would receive a boost, if the 855 page immigration reform bill of the Gang of Eight is passed. If the bill is passed and if the undocumented immigrants are legalized, it would pump more than $500 billion into the housing economy of the United States, in sales and in spending
If the undocumented immigrants are granted legal status and permitted to remain in America, they would start to buy homes in the country. The bill would prevent the undocumented immigrants from receiving federal benefits but would permit them to own property in the country. At least half of the undocumented immigrants would apply for legal status as soon as the immigration reform bill is passed. Out of that, according to the study, at least 3 million undocumented immigrants would buy new homes, if they are legalized. They are likely to buy homes worth $173,600, approximately. This would add to the country’s economy and would generate around $500 billion in mortgages.
President of the National Association of Hispanic Real Estate Professionals, Juan Martinez, stated that the immigrants are more interested in buying homes in America and that they have a strong desire for homeownership. She stated that immigrants who are a part of the country have been working in America and have been contributing to the economy of the country. She added that, legalizing them would give them an opportunity to buy homes and settle in the country. If 3 million immigrants buy new homes in America, they would spend around $180 billion in goods and services, over the coming decade. Hence, immigration reform would boost the country’s housing market.