Homeownership is one of the basic tenets of the American Dream and owning your own home comes with a wealth of benefits to families, shows research from Habitat For Humanity International.
In addition to having more resources to spend on nutritious food and healthcare, homeowners also enjoy an average net wealth 400% higher than renters in similar areas. Children who grow up in an owned home are also 11% more likely to graduate from high school and 4.5% more likely to attend and complete post-secondary education.
But with sky-high property prices and rising interest rates, the dream of homeownership at an affordable cost may seem out of reach for many families in Utah—and particularly for those working in the tourism industry in areas such as Park City and Summit and Wasatch Counties where single family homes are unheard of for less than $1 million and even condos and townhomes are well above most family incomes and the ability to save for a down payment.
This is due in part to, according to The Park Record, “Summit County’s population has increased by about 21% since 2010, which has led to challenges in keeping up with the housing supply, leading to a rapid rise in rents. Households making 60% AMI or less have been particularly affected by the issue.”
Fortunately, various community resources, including Habitat For Humanity, are here to help with several opportunities to make an affordable mortgage a reality.
Here are a few things you need to know and understand to get started on the path to home ownership.
Check Your Finances
There are several items you’ll want to understand about your personal situation before you begin the process. These include your monthly income and where that falls in the Area Median Income (AMI). It’s important to also have a clear picture of your credit.
First, do you and/or your family have a stable, monthly income that comes from full-time employment within Summit County?
Next, does your household income fall between 30-80% of the Summit County Area Median Income? learn more here
Finally, what’s your credit situation? Does it meet the acceptable credit requirement and if it doesn’t, you’ll find tips on how to work toward that goal.
To learn more, join our free financial education class led by local financial experts this fall that will cover topics like budgeting, checking your credit and how mortgages work.
Cost of Home
Over the course of five years, Habitat For Humanity’s Cost of Home advocacy campaign aims to help create policies and find solutions to allow 10 million individuals to meet their housing needs by mobilizing local Habitat organizations, partners, volunteers and community members.
Cost of Home has already helped more than 6.5 million people access stable, affordable homes.
Optimizing Your Chances to Own a Home Helps
So don't wait any longer, organize your personal financial information and sign up by emailing programs@habitat-utah.org to learn more about a Habitat house and start working towards your dream of home ownership today!
