At Greater Matthews Habitat for Humanity, we believe that homeownership has the power to transform lives. A stable home creates wealth-building opportunities, improves health and education outcomes, and strengthens entire communities. But for many families, achieving homeownership remains out of reach due to systemic barriers and financial constraints.
Who Has Access to Homeownership?
The U.S. homeownership rate has fluctuated over the years, peaking at 69.2% in 2004 before declining during the housing crisis. As of 2020, the homeownership rate stood at 65.3%, but disparities remain stark across income levels and racial demographics.
Some of the biggest challenges for families looking to purchase a home include:
Rising home prices: The demand for affordable housing outstrips supply, making it difficult for low- and moderate-income families to enter the housing market.
Lack of down payment and closing cost funding: Nearly 68% of renters cite saving for a down payment as the biggest hurdle to homeownership.
Limited options within budget: Only 23% of homes on the market are in the lowest price tier, leaving few choices for first-time buyers
Strict lending standards: Since the Great Recession, lenders have tightened credit requirements, making it harder for families with lower credit scores to qualify for a mortgage
Racial disparities in homeownership: The homeownership rate for Black households (44%) and Hispanic/Latinx households (49%) significantly trails that of white households (74%), reflecting historic and ongoing inequities in access to credit, home loans, and affordable properties
How Habitat for Humanity is Making a Difference
At Greater Matthews Habitat for Humanity, we work every day to break down these barriers and make homeownership more accessible for families in our community.
1. Building and Preserving Affordable Homes
We construct new homes and preserve existing affordable homes to ensure families have safe, stable housing options. In an era where rising construction costs make homeownership difficult, we keep costs low through volunteer labor, donated materials, and low-interest mortgages.
2. Offering Affordable Financing
Traditional mortgages often come with high interest rates and stringent credit requirements. Greater Matthew Habitat’s approach is different: we offer low-interest mortgages with affordable monthly payments tailored to each homeowner's financial situation.
3. Reducing the Cost Burden
Greater Matthews Habitat homebuyers do not have a down payment and have lower closing costs than conventional buyers, making it easier to transition from renting to owning. We also partner with families to build financial literacy.
4. Addressing Systemic Inequities in Homeownership
We advocate for policies that promote fair lending practices, expand access to credit, and create pathways to homeownership for historically marginalized communities. By pushing for change at the local, state, and national levels, we help close the homeownership gap.
Homeownership shouldn’t be a privilege reserved for a few—it should be an opportunity available to everyone. At Greater Matthews Habitat for Humanity, we are committed to making that vision a reality.
Want to get involved? Here’s how you can help:
Volunteer: Join us on a build site or help out at our ReStore.
Donate: Your financial support helps us provide affordable homeownership opportunities.
Advocate: Speak up for policies that expand access to affordable housing.
Partner: If you're a local business or organization, collaborate with us to create more housing solutions.
Together, we can ensure that everyone has a safe, stable, and affordable place to call home.
Information for this was taken from Habitat for Humanity International's Evidence brief, "Who Has Access to Homeownership. Download the complete brief to learn more.
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