Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: SUNDAY, June 25, 1995 TAG: 9506260086
SECTION: HORIZON PAGE: F-1 HORIZON EDITION: METRO
SOURCE: JAMES A. JOHNSON
DATELINE: LENGTH: Long
The volume has been turned up, in part, because the Census Bureau has predicted that 9 million immigrants will arrive in America in the 1990s - the greatest wave of immigrants since the first decade of the 20th century.
But before we begin making major changes to our nation's long-standing immigration policy, it would be helpful to have a better understanding of what immigrants want, and why they come to the United States. Some answers can be found in the 1995 Fannie Mae National Housing Survey, which probes American attitudes toward housing and homeownership. The survey has been undertaken each year since 1992 by the survey research firms of Peter D. Hart and Robert Teeter. This year, Hart and Teeter compared a sample of nearly 400 legal immigrants to the United States with a sample of 1,004 native-born adults.
The results clearly show that immigrants come to America because they believe in, and want to be a part of, the American Dream. Once here, they identify citizenship and homeownership as twin priorities. They are inherently optimistic about their new country's prospects and their own. And they hold significant economic power which, if realized, translates into jobs for Americans and prosperity for our nation.
Eighty-four percent of the immigrants surveyed either are or would like to be citizens; 77 percent of those not already citizens would like to become one. Contrary to the notion that immigrants arrive for purely economic reasons, the strongest reasons cited for wishing to become U.S. citizens are idealistic, emotional and abstract. The right to vote in U.S. elections was the highest-ranked reason to become a citizen (84 percent), followed by ``to be a full part of American society'' (75 percent) or to achieve the American Dream (71 percent).
Immigrants are strongly committed to achieving homeownership as a symbol of their integration into American life. Immigrant homeowners are more likely than immigrant renters to think of themselves as Americans, rather than as ``foreigners living in America.'' The only mechanisms for integration into American society that rank higher than owning a home are obtaining a college degree and getting involved in a child's school. Immigrants who rent are almost three times more likely than all adult renters to list owning a home as their ``number-one priority.''
That's good news, because owning a home is clearly linked to a wide range of positive outcomes, including higher levels of civic participation and neighborhood stability.
That immigrants are significantly more optimistic about the American economy and their own financial prospects also bodes well for our nation. Slightly less than one-third of immigrants (29 percent) say this is a good time to buy a home, while fewer than one in five of all adults (18 percent) agree. The survey shows that more than one in four immigrants (28 percent) believe the U.S. economy will be ``much better'' or ``somewhat better'' a year from now, while just under one in five adults from the overall sample (19 percent) agree. Furthermore, 53 percent of immigrants believe their own family's financial situation will get ``somewhat better'' to ``much better'' in the next three years, while only 39 percent of all adults agree. This higher level of optimism translates into a higher percentage of immigrants (20 percent) than all adults (13 percent) who say they are very likely to buy a home in the next three years.
Immigrants are far more likely than all adults to be renters, yet the disparity cannot be explained by differences related to financial situation, social class and lifestyle. For immigrants are as likely as all adults to report sufficient income to buy a home, are as likely to be married and are more likely to have children at home. All of these factors are strongly related to home-buying.
In fact, immigrants are less likely than all adults to cite the down payment required for a new home as an obstacle to homeownership. This is indicative of immigrants' industry and propensity to save. However, immigrants are more likely to cite information barriers and ``discrimination or social barriers'' as obstacles to homeownership, both of which need to be addressed more vigorously by the housing finance industry.
Far from being a burden on society, the survey shows, immigrants are a vital and vibrant part of American life. They come to America to participate in a free and democratic society; they are optimistic about our nation's economic future; and they are willing to work and save to buy a home. That desire translates into millions of American jobs - in homebuilding, real estate, mortgage banking, furniture and appliance manufacturing, and the dozens of other industries that are dependent on a strong housing market.
The survey shows we should be looking at ways to encourage immigrants' transition into American life. Before Congress enacts legislation to further restrict immigration, it should consider what the costs of ``people protectionism'' are likely to be for neighborhoods, job creation and the democratic ideals upon which our nation was founded.
James A. Johnson is chairman and CEO of the Federal National Mortgage Association, or Fannie Mae, the nation's largest source of funds for home mortgages He wrote this for The Wall Street Journal.|
by CNB