June is National Homeownership Month, when we raise awareness about the benefits of owning a home and the importance of making homeownership more attainable for everyone.
For many families, owning a home represents stability, security and the opportunity to build a better future. Yet for many, the dream of homeownership can feel increasingly out of reach. Rising housing costs, limited inventory and rising home prices have made purchasing a home more challenging than ever.
Why is National Homeownership Month important?
Housing affordability continues to be one of the biggest challenges facing families in our region. Consider the following:
- One in four families in Wake, Johnston and Franklin counties is cost-burdened by housing costs.
- Wake, Johnston and Franklin counties are among the fastest-growing areas in the nation, with over 68 people moving to Raleigh alone daily.
- The median home price in Wake County is around $450,000.
- Fair market rent for a modest 2-bedroom apartment in Wake County is $1,763. To afford this rent, a household would need to make an annual income of $70,520.
- The average age of first-time homebuyers has risen to 40
These trends make affordable homeownership increasingly difficult for many families.
How is Habitat for Humanity Greater Raleigh addressing the housing crisis?
At Habitat for Humanity Greater Raleigh, we believe everyone deserves a decent place to live. For more than 40 years, Habitat Greater Raleigh has partnered with local families to make homeownership possible.
Through our programs:
- Habitat mortgage payments never exceed 30% of a homeowner's household income.
- In place of a traditional down payment, Habitat homebuyers contribute 200 hours of sweat equity, helping build their homes and future neighborhoods.
- Homebuyers participate in financial literacy workshops designed to prepare them for long-term success as homeowners.
- Habitat Greater Raleigh has built nearly 1,000 homes across 19 municipalities throughout Wake and Johnston counties and is expanding into Franklin County.
- Since 2013, Habitat has repaired more than 750 homes, including 100 in the past year alone, helping families remain safely and affordably housed.
How can you support Habitat Greater Raleigh in honor of National Homeownership Month?
Stable housing can improve financial well-being, educational outcomes and overall quality of life. Creating more affordable homeownership opportunities takes all of us. Here are a few ways to get involved:
- Volunteer on our construction site or in one of our 10 Triangle ReStores
- Shop or donate gently used items to one of the 10 Triangle ReStores
- Become an Advocacy Ambassador to take action to influence policy changes
- Make a monetary gift
- Join our mailing list to receive updates from Habitat Greater Raleigh
This National Homeownership Month, we celebrate every Habitat homeowner who has worked hard to achieve their homeownership goals, and every volunteer, donor and community member who has supported our mission. Thank you for being part of our Habitat community.