Homeownership
Foundation For Building Wealth
Control When you Move
When your landlord owns your home, you’re always vulnerable to your lease not being renewed at the end of your loan term. Your landlord could also sell the property or decide to convert your units to condos or co-ops that you’d have to buy if you wanted to stay. Or, your landlord could be foreclosed on and lose the property. In any of these scenarios, you might be forced to move when you don’t want to.
If you own your own home, it’s far less likely you’ll be forced to leave it. While that could happen if you become unable to make payments, you have the ability to take steps to avoid that, such as saving up an emergency fund to cover the mortgage in case of a job loss.
Stable Housing Payments
Home Instability
Housing instability may impact some populations more than others. Moving 3 or more times in 1 year, often called “multiple moves,” has been associated with negative health outcomes in children. Children who move frequently are more likely to have chronic conditions and poor physical health. They may also be less likely to have consistent health insurance coverage.
Housing instability encompasses several challenges, such as having trouble paying rent, overcrowding, moving frequently, or spending the bulk of household income on housing. These experiences may negatively affect physical health and make it harder to access health care.
This alone perpetuates the repeated generational cycle of poverty.
Government Subsidies Not Enough
Housing subsidies administered by the federal government provide financial assistance to help low-income people pay rent. However, households may be on waitlists for several years before receiving assistance. Due to limited funds and the large number of households in need, on average only 26 percent of eligible households received federal housing subsidies.
Helping Hands Resource Group, Inc. strives to bring information to those who need it most. We are committed to spreading awareness and educating our community on the home buying & mortgage approval process so individuals and families can progress toward independence. We believe this is essential to successful community living.
