If you weren’t aware that June is National Homeownership Month, the U.S. Department of Housing and Urban Development [1] aimed to change that on Thursday, kicking off a new media push [2] and announcing their theme for the month: “Find Your Place.”
“Homeownership serves as an enduring symbol of security and prosperity, and it provides many Americans with a legacy they can pass down to their children and grandchildren,” said HUD Secretary Ben Carson. “During National Homeownership Month, we recognize the abiding value of owning a home, and we rededicate ourselves toward helping hard-working families to find their place in the American dream.”
In the media release, the department spotlights HUD’s legacy, stating, “Since 1934, more than 47 million households purchased a home with mortgage loans insured by the Federal Housing Administration (FHA). During the housing crisis of a decade ago, FHA played a critical role in keeping affordable mortgage financing available for millions of qualified borrowers. Today, home sales are at pre-crisis levels and home prices on the rise in most parts of the country as millennials make up the largest segment of first-time homebuyers. Through FHA and a national network of HUD-approved counseling agencies, HUD is working to make responsible homeownership a reality for millions of Americans.”
HUD also provides a quick snapshot of the state of both homeownership and how the department is working to promote it in 2018:
- HUD’s Office of Housing Counseling (OHC) supports a nationwide network of more than 1,800 housing counseling agencies.
- Struggling homeowners at risk of default who work with a housing counselor are more likely to get a loan modification and are 30 percent less likely to face foreclosure, compared to similar owners who did not get counseled.
- The median wealth or net worth of a homeowner is nearly $200,000, or 36 times greater that of the median renter who had just over $5,000.
- Homeowners move far less frequently than renters, making it easier to build community networks and support systems.
- Children of families who own their homes are more likely to graduate high school and earn more income later in life.
- Last year alone, more than 1.2 million people turned to FHA to help them buy a home or to refinance into a lower cost mortgage.
- Today, an estimated 40 percent of all borrowers turn to FHA to purchase their first home.
- 44 percent of home purchases by African American families and 43 percent of home purchases by Hispanic families are assisted by FHA.
To see a short video of HUD Secretary Ben Carson reflecting on the legacy of the 1968 Fair Housing Act, click here [3].