The Housing First Network wants to help people find the home of their dreams in the community they love. What can we do to help this? Keep building neighborhoods that are safe, healthy, and at a price families can afford.
The American Dream
The American Dream of homeownership is alive and well, and for good reason. Forbes Magazine recently cataloged the overwhelming benefits for homeowners:
- Homeownership builds wealth over time
- You build equity every month
- You reap mortgage tax deduction benefits
- Tax deductions on home equity lines
- You get a capital gains exclusion
- A mortgage is like a forced savings plan
- Long term, buying is cheaper than renting
Homes at Prices Families Can Afford
Community doesn't exist without homes and the families that occupy them. But all too often families are priced out of the housing market in the community where they would love to live. Homes need to be safe and protect natural resources, but we all have a responsibility to make sure that these protections are balanced with an eye towards the cost to families.
In the MSP region, for every $1,000 increase in the price of a home, 2,200 families are priced out of the market!
Source: National Home Builders Association (NAHB)
How do we address this? We need to review the cost drivers, like fees, duplicative regulation and zoning policies that drive the price of the home. It's important to regulate smartly, and the key in all of this is to balance the regulatory priorities with the equally important goal of building neighborhoods that families can afford.