KeyBank [1] has debuted its Fair Housing Month poll, which surveyed 1,000 homeowners in households earning less than $75,000 annually [2] regarding their homebuying and lending experiences. The poll found that nearly one-third —or 31%— of respondents did not seek out any information or resources on homebuyer assistance programs.
This may be because many homebuyers could be unaware of the existence of these offerings and the important role banks can play in providing access to them. While the Fair Housing Act of 1968 set a precedent to make the sale, rental, and home financing process nondiscriminatory, borrowers in underserved communities are often at a disadvantage when it comes to awareness of tools, resources, and affordable offerings available to help them achieve home ownership.
In recognition of Fair Housing Month [3] this April, KeyBank is further committing to helping all potential homebuyers make their dream of owning a home a reality by expanding its Special Purpose Credit Programs for qualifying properties in eligible communities — introducing the Key Opportunities Home Equity Loan [4] and the expansion of the KeyBank Home Buyer Credit [5] to up to $5,000 in value.
This follows a commitment to invest more than $25 million in grants, fee waivers, and marketing over five years to increase mortgage lending in majority-minority neighborhoods, as well as more than $1 million to homebuyer education and other community support.
Nearly 1 in 3 Homeowners Surveyed Unsure About Fairness in Their Homebuying Experiences Or Believe They Had an Unfair Experience
A home is one of the largest and most meaningful purchases a person can make and is an important part of building a long-term investment strategy. Access to education, advice and resources (such as Special Purpose Credit Programs and other affordable housing resources) that ease the homebuying process are critically important—particularly for homebuyers and families who may be more likely to face barriers on their path to home ownership.
"When it comes to buying a home, there are many factors to consider – the largest being, can I afford it, and will I get a fair chance," said Victor Alexander, Head of Key's Consumer Bank. "Both new and experienced homebuyers are understandably anxious about the state of the market, may feel overwhelmed by the homebuying process and may not be aware of all their bank can do to assist them. We work hard to help our clients understand the tools, resources and home lending offerings that can empower them to affordable home ownership. Owning a home is a foundational step to building generational wealth and we are committed to helping our clients achieve their dream of home ownership and move forward on their financial journey."
KeyBank's Fair Housing Month poll found that the homebuyers surveyed may not be aware they may qualify for banking programs that make the home lending process easier and more affordable. Additional findings from the poll include:
- Less than half (47%) of homeowners surveyed who purchased their homes in the past five years felt confident they received a fair market value price, pointing to a gap between the factors that are important to those homeowners and the reality of their homebuying experiences.
- Nearly one-third (30%) of homeowners surveyed are unsure whether they had an unfair experience when buying a home or are certain they had an unfair experience. This means that, among other things, some homeowners are left questioning whether they paid too much for their home.
- More than one-third of homeowners surveyed listed location (38%) and home price (37%) as their top financial factors when deciding to purchase their homes in the past five years. The desire to be close to friends, family, and communities continues to be one of the strongest factors when deciding to purchase a home.
To read the full report, including more data, charts and methodology, click here [2].