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HUD Hosts “House Party” to Encourage Gen Z, Millennial Homeownership

The U.S. Department of Housing & Urban Development (HUD) recently hosted a virtual event, “House Party–Let’s Talk About the House,” geared to educate millennials and members of Generation Z about the government resources available to buy a home. HUD conducted outreach to underrepresented groups, including Black and Latino potential homebuyers, and more than 6,000 registered to receive information about pathways to homeownership.

During the event, HUD Secretary Marcia L. Fudge was joined by a group of special guests that included mayors of major cities, HUD-assisted homeowners, HUD program experts, and community leaders.

“This Party was about inspiring our future generation of homeowners to take the next step towards purchasing their biggest financial asset, their home,” said HUD Secretary Fudge. “You don’t have to start big, you just have to start. And you must know the resources available to you in order to be successful. I am hopeful that this event will continue to inspire and inform those who are ready to stay ready.”

Secretary Fudge opened the discussion by chatting with mayors of some of the nation’s largest cities, as she welcomed Mayors Regina Romero of Tuscon, Steve Adler of Austin, and Brandon M. Scott of Baltimore to the event.

The live conversation covered many topics, including what cities are doing to create more affordable housing options, local incentives and federal programs available to potential homebuyers, the benefits of housing counseling, credit scores, student debt, side-hustles, and powerful personal testimony from young, first-time homebuyers who made the leap to achieving the American dream of homeownership.

In addressing the lack of affordable housing, Mayor Adler added, “We are trying to increase our supply of housing by providing incentives to builders and developers to build more homes for people that are affordable—located in areas where people want to be.”

Recent data shows that homeownership in Black, Latino and Asian households increased during the time of the pandemic. HUD is committed to continuing to support home ownership through its public engagement.

“Too many young people feel discouraged and intimidated by the homebuying process and HUD is here to help,” added Secretary Fudge. “Thanks to student loan forgiveness, many young adults may have more money in their pockets and there are many resources available to help people realize the dream of homeownership. HUD and the Federal Housing Administration are dedicated to helping more young people realize their dream of becoming homebuyers and enjoying the wealth-building benefits that come with it.”

HUD also announced the launch of a webpage, www.HUD.gov/HUDHouseParty, that consolidates information on the resources available to make home ownership a reality.

 

About Author: Eric C. Peck

Eric C. Peck has 20-plus years’ experience covering the mortgage industry, he most recently served as Editor-in-Chief for The Mortgage Press and National Mortgage Professional Magazine. Peck graduated from the New York Institute of Technology where he received his B.A. in Communication Arts/Media. After graduating, he began his professional career with Videography Magazine before landing in the mortgage space. Peck has edited three published books and has served as Copy Editor for Entrepreneur.com.
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