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Advancing Rural Homeownership

Advancing Rural Homeownership. Building Michigan Communities Conference Lansing, Michigan April 30, 2019 Doug Ryan Senior Director, Affordable Homeownership. The Prosperity Now mission is to ensure everyone in our country has a clear path to financial stability, wealth and prosperity.

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Advancing Rural Homeownership

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  1. Advancing Rural Homeownership Building Michigan Communities Conference Lansing, Michigan April 30, 2019 Doug Ryan Senior Director, Affordable Homeownership

  2. The Prosperity Now mission is to ensure everyone in our country has a clear path to financial stability, wealth and prosperity.

  3. Benefits of homeownership • Better physical and psychological health • Children more likely to perform better in school and graduate • Homeowners move less frequently than renters • Residential stability significantly contributes to better school outcomes • Homeowners are more actively involved in voluntary organizations, like neighborhood and parent-teacher associations, as well as political activities than renters

  4. US rural homeownership • Rural home prices rose more than urban from 2004 to 2008 • Rural home prices had a less severe drop post-2008 • Rural borrowers are more likely to be self-employed, less likely to be first-time buyers • Rural mortgaged properties are more likely to have low appraisals • Rural properties are more likely manufactured housing or second homes

  5. Michigan Homeownership by Race; Rural & Non-Rural

  6. Michigan Housing: Year Built

  7. Michigan Housing: Cost Burdens

  8. Michigan: New Housing Units 2012-18 US Census; data.Michigan.gov

  9. Tight Lending Standards Limit Mortgage Access Note: Data include only conventional first-lien purchase mortgage originations. Source: JCHS tabulations of CoreLogic data.

  10. Selected Loan Characteristics - 2017 US Census; data.Michigan.gov

  11. Best Practice: Homewise3.5% Downpayment Program On a $175,000 home purchase: In 11 years, the Homewise buyer will build over $72,000 in equity through principal paydown and 2% annual appreciation. The Center for Responsible Lending estimates the typical American family can save 2% of income for a downpayment each year

  12. Best Practice: Neighborhood Partnership Housing Services

  13. Best Practice: Neighborhood Partnership Housing Services • Villa Del Sol: Small infill development in Chino, CA • Manufactured homes • 20-25% lower cost that traditional build • 20-30% energy cost savings • Lowest cost homes in the area • Part of 140-unit program by NPHS

  14. Doug Ryan Senior Director, Affordable Homeownership dryan@prosperitynow.org 202-207-0155 @douglaslryan

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