Why Homeownership Matters

Homeownership benefits the community:

Homeowners have higher rates of civic participation, represented by 25% greater participation in elections, 6% greater likelihood of working to solve local problems, membership in .25 more non-professional organizations.

Homeowners are almost three times as likely to own a business as renters.
Neighborhoods with a 80% homeownership rate creates a $5,000 premium, a measurement of the social benefits of high neighborhood homeownership rate.

Homeownership benefits children:

On achievement tests, homeowners’ children score 9% higher in math and 7% higher in reading than renters’ children.
Homeowners’ children have a 25% higher high school graduation rate, are twice as likely to acquire some post-secondary education, and are 116% more likely to graduate from college.
Children living in owned homes experience fewer behavioral problems and enjoy a better social environment than children in rented homes.
Homeowners’ children earn on average a dollar more per hour than renters’ children.
At age 20, homeowners children were half as likely to be idle and to rely on welfare as an adult.

The Housing Need in the Athens Area

The median home value in Athens-Clarke County is $111,300. Using the 30 percent rule, annual income of $33,390 is required to afford a home of this value, which equates to an hourly wage of about $16.05/hour working 40 hours/week. Consequently, approximately 21,000 households in Athens-Clarke County do not have incomes that would support monthly homeowner costs for a home of this value.

Even for an $80,000 home in Athens-Clarke County, where an individual would have to make an annual income of $24,000 to afford a monthly homeowner costs without paying more than 30 percent, approximately 17,250 households could not afford to own this home.

Athens Area Habitat for Humanity builds 3 bedroom , 1 bath homes for just $65,000 using a zero-interest mortgage, which includes the cost of land. This makes homeowner payments just $206 per month plus taxes and insurance. Partner families also provide a down payment of $500 as well as 500 “sweat equity” hours.

Habitat helps families build homes of their own through sweat equity and a manageable payment plan, giving families in need a “hand up” not a hand out.