Affordable housing: Americans want help getting in

WASHINGTON – June 22, 2017 – Most Americans and Canadians say their nations aren’t doing enough to address and solve affordable housing needs, according to Habitat for Humanity’s Affordable Housing Survey. Escalating costs remain a top barrier preventing families from accessing decent homes with affordable mortgages, the survey says.

“In many ways, housing is an invisible crisis,” says Jonathan Reckford, CEO of Habitat for Humanity International. “There are still too many families without access to safe, secure and affordable housing. This survey highlights the value all of us place on a decent place to call home and underscores the critical need to increase access to affordable housing.”

Owning a home is a key rung on the ladder of economic advancement. What happens if that rung remains elusive for many?

According to the survey, nine out of 10 Americans say owning a home is one of their greatest achievements in life. Also, 68 percent of U.S. renters say owning a home is one of their chief goals, according to the survey. PSB, on behalf of Habitat for Humanity, surveyed 1,000 people in the U.S. and Canada to gauge their perceptions of, and challenges to, affordable housing.

Ninety-one percent of American homeowners credited owning a home with making them more responsible, and 44 percent said it helped them build a nest egg. Forty-one percent say homeownership has given them stability.

But homeownership remains out of reach for many. Nine out of 10 Americans and Canadians say it’s important to find solutions to the lack of affordable housing. At 59 percent, concerns regarding U.S. affordability in particular easily topped other housing issues like safety (16%) and quality (11%).

One major barrier to homeownership cited among survey respondents: the high cost of rent. Eighty-four percent of survey respondents said the high cost of rent was preventing them from buying, followed by 75 percent who said obtaining a mortgage was proving to be a big barrier.

Many of the survey respondents said they’ve struggled to pay housing costs at some point in their life. Among U.S. respondents, 27 percent of respondents said they struggled to pay housing costs in their 20s; 22 percent in their 30s; 11 percent in their 40s; and 9 percent in their 50s.

Source: “Nine Out of 10 Americans and Canadians Call for Affordable Housing Solutions,” Habitat for Humanity (June 20, 2017)

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Too many potential buyers think they won’t qualify 

WASHINGTON – Nov. 4, 2015 – Most people don’t know that they can buy a home with only 3 percent down, Freddie Mac says. To boost homeownership, Freddie is partnering with faith-based organizations as a way to attract more potential borrowers to its 3 percent downpayment mortgage product.
In recent years, many faith-based groups switched their attention from homebuyer outreach programs to foreclosure prevention because the financial crisis took a toll on many existing homeowners. Freddie hopes that some of these groups will again start to focus their efforts on homeownership.
The initiative includes financial education seminars and counseling sessions hosted by faith-based bodies that will use materials provided by Freddie Mac.
The mortgage finance giant has also partnered with Quicken Loans, other lenders and non-profits to promote its 3 percent downpayment program.
Many consumers are qualified to own a home but may not realize that, says Chris Boyle, a senior vice president at Freddie Mac. “We do think there’s a market out there that is not coming to the fore, and millennials is one group,” according to Boyle.
Source: American Banker (11/03/15) Berry, Kate
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