Homeownership In the News – National Level
This month we’re looking at news and developments on the homeownership front. Today – a few national level hot topics.
- The Washington, DC-based Urban Institute’s Housing Finance Policy Center recently held a roundtable planning discussion on the nation’s persistent racial homeownership gap. The results were reported out in May in a paper titled, Building Black Homeownership Bridges: A Five-Point Framework for Reducing the Racial Homeownership Gap.
- Harvard University’s Joint Center for Housing Studies has released its 2018 State of the Nation’s Housing report. Among the findings: housing demand is shifting from renting to owning; ownership among black households has increased by just 0.2 percent over the last 30 years; and nearly a third of all households are cost-burdened.
- According to a new Wells Fargo survey, Americans are willing to do what it takes to make their homeownership goals a reality — such as taking on a side job, cutting expenses or considering a less-expensive location. The survey, titled How America Views Homeownership was conducted by The Harris Poll and revealed that 49 percent of Americans who are saving to buy or renovate a home have worked outside their primary job to supplement their income in order to pay this expense.
- California Senator and 2020 Presidential candidate Kamala Harris has proposed a $100 billion plan to invest in black homeownership. Under the proposal, homebuyers who rent or live in historically redlined communities could apply for a federal grant of up to $25,000 to assist with down payments or closing costs.
- Former HUD Secretary and 2020 Presidential candidate Julian Castro recently unveiled his campaign’s plan to increase homeownership. The plan would “help more families get the credit they need to mortgage a home, provide support for those who are housing insecure, increase homeownership and rental literacy and boost accountability, transparency, and oversight of Wall Street’s housing practices to ensure more families can stay in their homes.”