Homeownership is the key to building wealth and a strong middle class.
Homeowners move far less frequently than renters, making it easier to build community networks and support systems.
Homeownership offers tremendous freedom to create the living environment that you have always wanted.
According to the National Association of Realtors, homeownership confers many benefits including − Greater awareness of the political process, − Higher incidence of membership in voluntary organizations and church attendance, − Lower teen pregnancy by children’s living in owned homes, − Higher student test scores by children’s living in owned homes, − Higher rate of high school graduation thereby higher earning, − Children more likely to participate in organized activities and have less television screen time, − Better health outcomes, including better physical and psychological health.
Homeownership builds wealth over time and in the long run, buying is more cost effective than renting.
Owning a home has positive tax implications for many families, and can often reduce tax burden. Your mortgage interest and property tax payments may be deductible from your federal taxes, as well as many state taxes.
According to the most recent Federal Reserve Survey of Consumer Finances (2013), in the past 15 years, the net worth of the typical homeowner has ranged between 31 and 46 times that of the net worth of the typical renter. − Data shows that median homeowners had nearly $200,000 in net worth or 36 times that of the median renter who had just over $5,000.
At Bend Area Habitat for Humanity we have some wonderful homeowner statistics and celebrations of our own:
- Congratulations to Nancy Rogers, Sherry Brooks and Wendy Simpson for paying off their Habitat mortgages!
- Homeowner, Krystal Loverin, completed her Masters of Arts in Advanced English Studies.
- Since the program’s inception (December 2016), we have awarded 8 Habitat “Homes of the Month” for displaying excellence in pride of ownership.
- Over the last year, we have had a 1% or less mortgage delinquency rate!
And, according to responses from our own Family Services Survey sent to Habitat homeowners last year:
- 88% of Bend Habitat Homeowners agree that living in a Habitat home has had a positive impact on their families and feel more connected to their community
“Habitat worked with me … so I could get my college degree resulting in a higher paying career and a happier family, I am forever grateful for that opportunity Habitat gave me” – Holly, Habitat partner since 2007
- Partnering with Habitat develops personal skills such as goal setting and self-sufficiency
“I have learned incredible life skills such as never ever giving up, hard work reaps excellent rewards, and with faith and positive thinking, all things are possible”
In order to continue developing our Habitat families to their fullest potential as we transform their lives through permanent housing, Family Services is launching a Habitat scholarship program, open to homeowners and their children. We are looking at grants and donation support to fund the program, with an initial goal of $25,000 distributed as follows:
- $15,000: Four $3,000 grants will be awarded each year to Habitat for Humanity Youth and/or Adult Homeowners from Bend to be used for post-high school education.
- $5,000: To be reserved in a fund for matching grants and to establish the continued scholarship awards in following years.
- $5,000: split equally to support Homeowner Post-Purchase Education Program, and incentive awards of home maintenance items (such as ladders, mowers and weed trimmers).
Education is expensive and student loans have sky-rocketed, even after financial aid from all sources is taken into account, the average student in a low-income family must come up each year with 72 percent of his family’s total household income to pay for college. This burden is far higher in low-income families than on families in any other income category. We believe in education and homeownership as a means to individual asset building, and to break negative or counterproductive patterns for low income individuals. If you believe in transforming lives beyond housing and throughout the gift of education, please consider a donation towards this empowering program.
DeeDee & Catalina
Bend Area Habitat for Humanity
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