The Rewards of Homeownership!
Planting tulip bulbs in the yard, painting the walls bright pink just because you can and re-tiling the bathroom to your exact liking is something only a homeowner can do.
June is National Homeownership Month, which also opens discussions for increasing wealth and stability in the neighborhood, and the benefits of owning a home.
Owning a home is one of the most gratifying and rewarding accomplishments that a person can experience. Affordable housing has been declining over the years. In Atlanta, only 41 percent of people own a home, while the national average is 63 percent. For households that gross between $24,000 and $40,000/year, it’s nearly impossible to own a home and not be “house poor.” That’s a term that describes someone who spends more than the recommended 30 percent proportion of their income on mortgage payments, property taxes, and maintenance, thus leaving little to no resources for other necessities.
These are the working families that we serve, and they are thriving. *
83% are better off financially
94% meet mortgage obligations
72% experience better health
33% graduate from college
“When I got the word that my home was almost paid off, I was in shock and couldn’t believe it,” says Linda B., an Atlanta Habitat homeowner who recently paid her mortgage in full. “It was supposed to take 30 years, but I paid it off sooner than expected. It’s an amazing feeling!
*Sources: Atlanta habitat data and 2015 Atlanta Habitat Homeowner Survey by Georgia Institute of Technology