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Wednesday, July 11, 2001 Making home ownership a reality for all Americans By JOHN HAYES f you asked most Americans what makes up the proverbial "American Dream," in addition to listing a successful career and a happy, healthy family, they would likely also include "owning a home." Achieved by more and more Americans each year, homeownership is a symbol of success and gives a family self-esteem. It represents security and gives people a place to escape their on-the-go lifestyles. Homeowners form bonds with one another, feel a part of their communities and have a stake in what goes on in their neighborhoods. A recent study by the Homeownership Alliance (www.homeownershipalliance.com) reveals that homeownership has a positive impact on our nation's children. Children who live in owned homes achieved seven percent higher in math and six percent higher in reading, and they had four percent fewer behavioral problems. We recently witnessed the annual celebration of National Homeownership Week, which provides us an opportunity to reflect on the amazing stability and comfort our homes provide us and the positive effects homeownership brings to our neighborhoods. This week is also designed to attract the attention of potential homeowners to the steps needed to achieve this part of the "American Dream." Additionally, we are reminded and encouraged to continue to search for new ideas to expand homeownership opportunities. National Homeownership Week is celebrated by organizations all over the country, including lenders, real estate professionals, home builders, non-profit housing providers and federal, state and local governments. Hundreds of projects aimed at increasing homeownership go on all across the country during National Homeownership Week. NAHB members contribute in their own innovative ways, like donating labor and materials to build homes in neighborhoods that need revitalization; holding homebuyers' fairs where potential home buyers can attend educational seminars, meet builders, lenders, title companies and credit counselors; and urging their local governments to officially proclaim "National Homeownership Week." Turning this spotlight on the importance of homeownership has yielded positive results. According to the Homeownership Alliance a national coalition comprised of consumer groups, independent bankers, home builders, low-income housing advocates and other organizations that are concerned about homeownership after declining during the 1980s, the homeownership rate continues to increase and last year hit an all-time high of 67.5 percent - which means that more than 71 million American families now own their own homes. And, in the past seven years, homeownership has increased amongst minority and lower income Americans the homeownership rate for African Americans rose from 42.5 to 47.5 percent and from 41.2 percent to 46.1 percent for Hispanic Americans. Additionally, the rate for female-headed households increased from 48.7 to 49.1 percent. However, these groups are nearly 20 percent behind the national average. Affordability issues are also a concern in high-growth, major metropolitan areas where people are forced to commute significant distances because they cannot afford to live in communities closer to their workplaces. Also, the homeownership rate among young households is still below the peak that it reached in 1979. So, while we have a lot to be proud of, there is still much work to be done. Home builders are working with housing finance innovators, consumer education organizations and government officials to make homeownership an affordable dream for every American. We are committed to searching for new ways to expand homeownership opportunities as we begin this second century of evolution in the housing industry. For more information on National Homeownership Week activities and projects, visit www.homeownershipalliance.com.
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