National Homeownership Month
June is National Homeownership month, promoting the value of owning a home and the organizations that help further the American Dream of homeownership.
“SGV Habitat is proud to bring opportunities to a families that never would have been able to buy a home on their own. Future homes serve as the first step towards economic independence for the selected first-time homebuyers. We are proud to be part of a transformative journey that will make a difference for generations to come,” says Bryan Wong, SGV Habitat Executive Director.
One of the key benefits of owning a home is the ability to build long-term wealth.Recent data from the Federal Reserve indicates that the net worth of homeowners is over 40 times greater than that of a renter. Research has also shown a correlation between homeownership and increased wealth, with each year of homeownership tending to be associated with an additional $9,500 in net wealth, on average. Think about what you could do with that money!
Many homeowners choose to leverage their housing wealth to finance post-secondary education for their children, especially lower- and moderate-income households. A $10,000 increase in housing wealth raises the probability of college attendance by 14%. According to a recent report by the Joint Center for Housing Studies at Harvard University, the independent impact of homeownership combined with its positive impact on the home environment results in the children of owners achieving math scores up to nine percent higher, reading scores up to seven percent higher, and reductions in children’s behavior problems of up to three percent.
Owning a home fosters a sense of community and stability.
Homeowners are more likely to vote in local elections than renters in comparable neighborhoods. This leads to safer neighborhoods, stronger schools and reduced crime.
Beyond the statistics, think about the mental instability renters endure. Leases end, and rents increase pulling dollars away from necessities to cover the cost of increased rent. Renters in many leases are restricted from painting, drilling holes to hang decorations, or having a furry family member to add joy in their life. Renters run the risk that the property will be sold, adding to the stress of finding and funding a new place to live.
The old adage “owning a home is the American Dream” should be edited in California to “owning an AFFORDABLE home is the American Dream.” Only 23% of Californians could afford to purchase the median cost of a home in California which is $817,950.
SGV Habitat proudly serves the community by offering eligible low-income families the opportunity for affordable homeownership. By lowering the cost of homeownership, it makes it easier for future homeowners to access quality housing, affordable mortgages, and allows families to invest in the family’s health and wellness and gain net wealth. Information on the application process and eligibility can be found here: https://bit.ly/3zt5KdR
SGV Habitat is Green.
New SGV Habitat homes are built sustainably using green building techniques, solar panels, and materials that increase the efficiency and durability of the home. Many homes are Leadership in Energy and Environmental Design, or LEED, and Energy Star certified.
Alongside volunteers every SGV Habitat homebuyer contributes “sweat equity” by volunteering hours on a build site (either their home or another family’s home). By participating in building their home as well as their neighbor’s homes, it creates a sense of community and belonging. There is a lot that goes into owning a home besides choosing your color pallet, which is why pre-purchase support programs, such as financial education classes are offered to educate, and to help build networks among Habitat homeowners. SGV Habitat is also there for the homeowner to help furnish and decorate when shopping their ReStore locations in Duarte and Atwater. There, homeowners can find new paint, flooring, cabinets, as well as donated furniture, light fixtures, appliances and decor.
SGV Habitat Offers Low Cost Home Repair
Giving a helping hand to families doesn’t stop at homeownership. SGV Habitat’s home repair program offers any low-income homeowner an affordable solution to home repair. Depending on need, repairs are made at low cost to the homeowner. This program is a lifeline to older homeowners, single mothers and veterans.
You can make a difference