Miami, July 25 — A new survey from NeighborWorks America shows that about half of adults (49%) are likely to seek out homeownership education in the next one or two years, and nearly 9 in 10 people agree that homeownership is important. Neighborhood Housing Services of South Florida offers the housing counseling and services people need to reach their goal of homeownership.
NHSSF, a NeighborWorks network organization, created 51 new homeowners in 2021-2022, as shown in its fiscal year report (from July 2021 to June 2022). Interest in homeownership remains high despite the shortage of affordable housing in recent years, as evidenced by the fact that 523 people completed NHSSF 8-hour Homebuyer Certified Workshop for first-time homebuyers during the referred period.
The gap between those who want to buy a house and those who actually managed to make that dream come true, has different causes, one of the most significant being the high price of homes in the real estate market across South Florida, where the median income price of a single-family home reached $550,000 in June of this year. A cost that working families in South Florida cannot cover even with available homebuyer assistance programs from state or local government.
In such circumstances, housing counseling becomes an essential element in the search to buy a home. From June 2021 to July 2022, NHSSF offered 1,027 counseling sessions and completed 32 financial capability counseling sessions focused primarily on laying the financial foundations (savings, credit health, etc.) for any future venture.
NeighborWorks America’s 2022 Housing and Financial Capability Survey also highlighted that people of color showed particular increased interest in seeking out homeownership education, with 63% of Black adults, 66% of Hispanic adults, 56% Asian adults, and 54% American Indian or Alaska Native adults all saying homeownership is in their one- to two-year plan.
“NeighborWorks America and the NeighborWorks network are committed to helping people create pathways to long-term wealth through homeownership,” said NeighborWorks America Senior Vice President of National Initiatives Lee Anne Adams. “NeighborWorks America plays a critical role in helping people get into homes and sustain them, through housing counseling, connecting to down payment assistance, and financial planning.”
The survey also pinpointed the financial challenges for many Americans, who are working to address everyday costs. More than four in 10 Americans say they could not keep up with expenses for one month if they lost their main income source. A growing majority of Americans want or need information or assistance with their financial situations. Just over half are interested in financial planning classes (56%.)
For more information about NeighborWorks America’s Housing and Financial Capability Survey, go to https://www.neighborworks.org/Homes-Finances/Homeownership/Housing-Survey.