Even before the pandemic, one in seven area families was severely cost burdened, spending 50% or more of their income on housing—often to rent unsafe, unhealthy spaces. With less money to spend on groceries, healthcare, and transportation, cost-burdened families may make sacrifices that risk their health and well-being. Skyrocketing rents and rising costs for food and fuel are increasing families’ vulnerability.
During fiscal year 2022, the average annual income for Richmond Metro Habitat’s Affordable Homeownership partner families was $43,512.96, pre-tax for a family of three. Most of the individuals who purchase those homes are single mothers; the majority are women of color. Through its Affordable Homeownership Program, the organization provides zero percent-interest, 30-year mortgages to partner families, ensuring that they pay no more than 25% of their income on housing. The William R. Kenan, Jr. Charitable Trust grant has helped subsidize the cost of building 10 partner family homes, as well as helping Richmond Habitat acquire more land on which to build.
In January 2021, Richmond Habitat distributed a survey to everyone who has purchased a home from them during the past 37 years to gauge the program’s impact. 87% of respondents’ children graduated from high school. 75% of respondents reported improved financial stability, largely due to Richmond Habitat’s ability to reduce monthly homeowner payments from $1,225 (the average monthly rent of a three-bedroom Richmond apartment) to $700 (the current average mortgage payment for Habitat families). 93% agreed with the statement, “I feel positive about the future.” 72.5% of respondents report that one or more of their family members (not including themselves) has started/completed a higher education or training program since moving into their Habitat home.
Even before the pandemic, one in seven area families was severely cost burdened, spending 50% or more of their income on housing—often to rent unsafe, unhealthy spaces. With less money to spend on groceries, healthcare, and transportation, cost-burdened families may make sacrifices that risk their health and well-being. Skyrocketing rents and rising costs for food and fuel are increasing families’ vulnerability.
During fiscal year 2022, the average annual income for Richmond Metro Habitat’s Affordable Homeownership partner families was $43,512.96, pre-tax for a family of three. Most of the individuals who purchase those homes are single mothers; the majority are women of color. Through its Affordable Homeownership Program, the organization provides zero percent-interest, 30-year mortgages to partner families, ensuring that they pay no more than 25% of their income on housing. The William R. Kenan, Jr. Charitable Trust grant has helped subsidize the cost of building 10 partner family homes, as well as helping Richmond Habitat acquire more land on which to build.
In January 2021, Richmond Habitat distributed a survey to everyone who has purchased a home from them during the past 37 years to gauge the program’s impact. 87% of respondents’ children graduated from high school. 75% of respondents reported improved financial stability, largely due to Richmond Habitat’s ability to reduce monthly homeowner payments from $1,225 (the average monthly rent of a three-bedroom Richmond apartment) to $700 (the current average mortgage payment for Habitat families). 93% agreed with the statement, “I feel positive about the future.” 72.5% of respondents report that one or more of their family members (not including themselves) has started/completed a higher education or training program since moving into their Habitat home.