DesiredHome.com Calls for Policy Changes to Improve Homeownership for Low-Income Households
Industry: Home & Residential
New Census Data Shows Regional and Racial Disparities in Homeownership Rates.
Mahwah, NJ (PRUnderground) February 28th, 2023
DesiredHome.com advocates for new programs to Improve Homeownership for Low-Income Households as new census data shows regional and racial disparities in homeownership rates.
As the nation continues to grapple with economic uncertainty and rising inflation, new data from the US Census Bureau sheds light on the persistent disparities in homeownership rates among different regions and racial groups.
According to the latest statistics, the homeownership rate in the Midwest remains the highest at 70.1%, while Black Alone householders still have the lowest homeownership rate compared to other races. Additionally, the data reveals that households with family income less than or equal to the median family income are less likely to own their own homes.
DesiredHome.com, a leading home improvement blog, is hoping for policy changes that address these disparities and promote greater access to affordable housing in general and for low-income households in particular.
Homeownership is a critical part of the American dream, but for far too many families, it remains out of reach due to high inflation, asset bubble, and structural inequities in our housing system, said Jerry Morgan of DesiredHome.com.
In order to solve the current affordability issue, policy changes to help address home affordability must be taken including:
- Increased funding for affordable housing programs: increased funding for programs like the Low-Income Housing Tax Credit (LIHTC) that provide incentives for developers to build affordable housing units.
- Strengthened protections for renters: To help prevent displacement and ensure that renters have greater security and stability. For example stronger protections for renters, such as rent control policies and anti-eviction measures.
- Greater investment in communities of color: Given the persistent racial disparities in homeownership rates, policymakers need to invest more in communities of color, including increasing access to affordable mortgage lending and promoting economic development in underserved areas.
By working together to promote policies that promote greater access to affordable housing and reduce income inequality, we can help more families achieve their dreams of homeownership.
Desiredhome.com is a popular home improvement blog dedicated to helping homeowners make their dream home a reality. With a team of expert writers and contributors, Desiredhome.com offers valuable insights and practical advice on a wide range of home improvement topics, including interior design, landscaping, DIY projects, and more.