CT Latinos Hold Own Despite Recession


While not immune from the effects of the recession, CT Latinos are doing better than many of their peers across the country.  An analysis by the The Pew Hispanic Center finds that, in percentage terms, from 2005-2009, inflation-adjusted median wealth fell by 66% among U.S. Hispanic households.  As a result, in 2009, the typical U. S. Hispanic household had $6,325 in wealth.
Connecticut Latinos, however, fared much better than the national average.  The median household income for them in the state is $21,000.
The dramatic drop in housing values were the principal cause of the loss in household wealth as Hispanics were hit hardest by the meltdown in the housing market.  From 2005 to 2009, the median level of home equity held by Hispanic homeowners declined by half—from $99,983 to $49,145—while the home ownership rate among Hispanics was also falling, from 51% to 47%.  The apparent reason was that a disproportionate share of Hispanics live in California, Florida, Nevada and Arizona — the states experiencing the steepest declines in housing values.
Despite the economic struggles, fully two-thirds (67%) of Latinos say they expect their financial situation to improve over the next year.  Also, two-thirds (66%) of Latinos say they expect their children to eventually enjoy a standard of living that is better than theirs is now.  In both cases, less than half the general public is as optimistic about their future economic circumstances.