June is National Homeownership Month

June is National Homeownership Month Main Photo

30 Jun 2022


News

It’s no secret, residents are a key factor in economic development. Homeownership is a key factor in economic growth. Since 2002, America has recognized June as National Homeownership Month. “Owning a home instills a sense of pride, security, and comfort. It’s also a major source of generational wealth and a central part of the American dream.” - White House

Benefits of Homeownership

There are many who believe homeownership isn’t worth the cost, especially in California’s expensive market. However, the same people probably haven’t considered some of the benefits of homeownership. No doubt California is expensive, yet the experience is worth its weight in gold.

A few homeownership benefits to look forward to for the future buyer:

  • Lower crime rate due to homeowners taking additional steps to protect their investment.
  • Children of homeowners achieve higher levels of education, and lower dropout rates.
  • Increased voter turnouts for local elections, and attendance to community events.
  • Increased equity with each mortgage payment, increases creditworthiness.

To most homeowners, equity is the best benefit acquired. If there is no mortgage, there is only equity: Home Value = Equity. Also, down payments = equity. Many homeowners look to their equity to fund their retirement, children’s college education, or future home upgrades. Equity can be considered a different type of savings plan.

Equity in HousingSweat Equity in Corning

The Community Housing Improvement Program (CHIP) enhances communities by assisting future homeowners with constructing sweat equity housing. Sweat equity is the non-fiscal benefit that comes from an owner donating their manual labor and time to build on land they’ve acquired. CHIP gives low-income, rurally disadvantaged residents, seniors and others who lack financial resources opportunities to become sweat equity homeowners. New owners are given a year to build their home with the help of CHIP and relocate when move-in ready. 

In Corning, CHIP and current homeowners completed the Stonefox Subdivision 1 in 2018, giving residents 23 opportunities of homeownership. As of 2022, the Stonefox Ranch Phases 2 & 3 are complete and all 77 lots have been purchased. Currently, the Magnolia Meadows Subdivision is still in approval stages to offer 53 opportunities of single family homeownership. There is an additional level of gratification that comes with the phrase, “I own and built my house with my bare hands.”

While homeownership is the core plan for many Americans, some are unable or unwilling to own, yet still need housing. The Olive Grove complex is a 32-unit complex with 16 units for low income individuals/families, 15 units for seriously mentally ill, homeless, or chronically homeless, and one property manager unit. Units range from one to two bedrooms. The manager’s unit is a three bedroom. Applications are still being accepted.

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