Happy Homeownership Month, Missouri REALTORS®! This annual celebration, first established in 2020, emphasizes the significance of homeownership for American families, communities and the national economy. As we mark this occasion, we reflect on the importance of housing and reaffirm our commitment to ensuring that everyone has access to the American Dream of Homeownership.
Affordable Homeownership Matters.
Homeownership continues to be a cornerstone of the American Dream, offering a path to financial stability and generational wealth-building. However, challenges such as disparities in homeownership rates and affordability gaps persist. Recognizing these barriers, the United States Department of Housing and Urban Development (HUD) has made significant strides to address them.
Homeownership rates have seen a positive trajectory in Missouri. In 2022, the state's homeownership rate reached 68%, reflecting a steady increase over the past decade. This achievement highlights the dedication and collaborative efforts of REALTORS® across the state.
HUD's Commitment to Equity and Inclusion.
HUD remains committed to advancing equity and inclusion in the housing market. They are actively exploring strategies to expand access to mortgage credit for low and moderate-income individuals, and first-time homebuyers and underserved communities, particularly in communities of color.
To combat discriminatory practices and promote fairness, HUD launched the Property Appraisal and Valuation Equity (PAVE) initiative. This interagency task force, co-chaired by HUD Secretary Fudge and Domestic Policy Advisor Ambassador Rice, aims to address racial and ethnic bias in home valuations. By ensuring equity in the appraisal process, PAVE supports fair homebuying and refinance transactions, eliminating disparities that can arise from biased valuations.
The Power of Home in Challenging Times.
The past couple of years have shown us the importance of home as a source of stability during times of uncertainty. As the world opens up and we’ve returned to our offices, schools and social activities, it's important to celebrate the comfort our homes provide.
A recent survey conducted by the National Association of REALTORS® found that 87% of homeowners feel a strong sense of pride in homeownership. Additionally, 79% of respondents reported that owning a home has been an essential part of their American Dream. These statistics demonstrate the enduring value and emotional connection homeowners have with their properties.
How to Celebrate Homeownership Month.
As Missouri REALTORS® and staunch advocates for homeownership, there are numerous ways to recognize and celebrate Homeownership Month:
- Educate and Empower: Organize informative workshops or webinars that address topics such as financial literacy, home buying guidance and resources for first-time buyers.
- Support Housing Counseling Agencies: Increase awareness of HUD participating housing counseling agencies in communities that require support. These agencies offer valuable guidance and assistance to individuals and families navigating the homeownership journey.
- Showcase Success Stories: Share inspiring stories of homeownership achievements within the Missouri community on your social media and your professional website. Highlight diverse experiences and the positive impact homeownership has had on families' lives.
- Volunteer and Give Back: Collaborate with local organizations to participate in home improvement projects or community revitalization initiatives. Hands-on Involvement demonstrates your commitment to building stronger neighborhoods and promoting sustainable homeownership.
As we celebrate Homeownership Month this year, let us recognize the importance of the American Dream of Homeownership. It is a time to reflect on the progress made in breaking down barriers and ensuring equal access to homeownership while also embracing new opportunities to further expand affordable housing options and foster thriving communities for all Missourians.