Homeownership

Measure

Percent of occupied housing units that are owner occupied.

Why is this indicator important?

Homeownership increases stability for families and communities and is a significant means of personal wealth creation.  This figure is an indicator of housing affordability. Changes in income, housing costs and housing supply are reflected in the homeownership rate.

Only half of the households in the lowest fifth of the income scale are homeowners, and the homeownership rates among both blacks and Hispanics are slightly under 50%.

Homeowners enjoy higher life-satisfaction and more consistent employment.

Children of homeowners perform better in school and earn, on average, $150,000 more over their lifetimes than their peers who grew up in rental housing.

High homeownership rates also help build strong communities, producing safer streets, greater civic engagement, and improved property upkeep.

Some families have unstable monthly incomes and few liquid assets.  When these families face an income loss, they may be unable to meet mortgage payments and could face foreclosure.  For such families, renting may be more economically sensible.  Renting may also be the best option for families that expect to move frequently.

How are we doing in Hall County?

• Using the 2000 Census data, Hall County ranks 122 (of 159 counties) in the percent of owner occupied housing units, even though the state's average percent is lower.  Many of the counties with larger populations have worse statistics than Hall County.

What does research tell us we can do to improve this indicator?

• Ensure that there is adequate affordable housing available in Hall County
• Ensure that lenders provide homeowners with complete, accurate, and understandable information about their mortgages
• Create new rules to help consumers shop for the best loan terms
• Strengthen mortgage lending standards
• Encourage the federal government in pursuing fraud and wrongdoing in the mortgage industry
• Increase homeownership through subsidies, support for affordable housing, and mortgage and credit counseling
• Promote and provide financial literacy education to children, adolescents, and adults, especially in low-income neighborhoods