We at Habitat know affordable homeownership provides economic stability for working families and allows them to build equity and generational wealth through property they own. By increasing access to affordable homeownership, we can combat a long history of injustices that have denied too many Californians the opportunity for ownership.
Projections indicate the median home price in California is expected to surpass $830,000 in 2022. There is not a sufficient inventory of affordable homes for first-time homebuyers, restricting qualified buyers to continue to pay rent. California’s 2020 overall homeownership rate has declined to just 56 percent. Among the state’s largest ethnic group, Latinos, it’s 46 percent, and only 37 percent of Black families own their home. Greater funding for affordable ownership housing will create equality in the housing market by expanding opportunities for Californians to build equity in a home they own.
We are calling for Governor Newsom to include homeownership production allocations in the May Revise of his proposed state budget for 2022-23. A bipartisan coalition that includes more than 40 State Legislators, Habitat for Humanity California, The CALIFORNIA ASSOCIATION OF REALTORS®, and the California Building Industry Association, is asking for a $600M allocation for affordable homeownership.
Last month, coalition partners gathered to publicly call on the Governor to prioritize homeownership production in the revised budget.
Watch the press conference here. Stay in touch with us and take action as we continue to campaign for homeownership.
