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Surprising benefits of homeownership

If you’ve come across this article, chances are you are thinking about becoming a homeowner one day. And, we bet you have really good reasons for that goal.

Perhaps you are looking to build equity; maybe you are excited about the freedom to make your own home choices, like renovations and paint colors; perhaps you are looking for the stability of mortgage payments remaining consistent and no longer having to move. And, tax breaks never hurt, right?

These are all really common reasons people seek out homeownership, and they are all great ones. But, we thought we’d let you in on a few other benefits that maybe you haven’t considered. Homeownership has some surprising ripple effects on not just a homeowners’ lives but the entire community. Let’s dive in:

1. Homeownership is good for your health.

Homeownership is about so much more than just having a house. It creates stability, community ties, and financial security, and with these, studies show that homeownership has a positive impact on physical and mental health. A recent study from the Centers for Disease Control (CDC) looked at chronic health conditions and homeownership and found that as a group, homeowners have better health outcomes.

We (and the CDC) are not saying that if you buy a house, you will not experience any health problems. But studies continue to show it plays a role. It’s not simply about the structure of a house, but rather the other benefits that come with homeownership. Though, the structure of a quality home can lead to better health, as well.

There are also mental health benefits. Adults have plenty to worry about, and when you have a safe, decent, affordable home, that is a big load off. You don’t have to worry about moving, so you are free to focus on other important things in life.

2. Homeownership helps children thrive.

Studies also show that children of homeowners perform better in school. They are more likely to score higher in math and reading scores improve the longer they are in a home. Further, kids from low-income families who are homeowners are 11% more likely to graduate high school and 4.5% more likely to attend a post-secondary school than those who do not own their homes.

Again, we are not saying purchasing a home is a magic fix for your children’s school performance. But something is to be said for the data that shows stable housing is a strong contributing factor to education.

3. Homeownership helps families build wealth.

According to a study by Habitat for Humanity, U.S. homeowners have a net wealth that is 400% higher than renters with similar demographics and income. Having equity in your home makes you a wealthier person, even if the wealth doesn’t equal immediate cash in hand. You are laying down roots for your family and your future when you purchase a home.

4. Homeownership helps make safer communities.

Like health, there are several factors that contribute to public safety, but housing is definitely one of them. The quality of housing and involvement of a neighborhood’s residents are key to creating safe communities. And when people are in their homes to stay, they are more likely to take better care of them and become more involved in their communities.

Overall, we don’t think there are many bad reasons to buy a home, there are many benefits to doing so. We hope these give you a little insight into some that may not be talked about as much as others, and if you decide homeownership is the path for you, NeighborWorks Columbus is here for you every step of the way!

8/19/2024

25 years of NeighborWorks Columbus

NeighborWorks Columbus is officially 25 years old this year! We are proud to be part of a community of supporters who value safe, fit, and affordable housing. From day 1, we have had a great team, and in the past quarter of a century, with your support, we have been able to make big strides in expanding affordable housing. We hope you’ll enjoy this look back at the milestones you have made possible in our community’s history:

Seeds planted

Two years before NeighborWorks Columbus was formed as an organization, our CEO Cathy Williams was invited to a Chamber of Commerce inner city tour. This trip is done annually and typically takes community leaders to another city to gain new ideas and insights. But in 1997, Councilwoman Evelyn Turner Pugh suggested the Chamber tour Columbus, and thus, “The Good, The Bad, and The Ugly Tour” took place around our city.

As part of that, the group went on a bus tour of what was then known as the “South Lawyers Lane neighborhood.” It was bad–so bad that in 1989 Dateline NBC dubbed the corner of 9th and Benner Street as the “most dangerous corner in the country.” This was quite an eye-opening experience, Cathy said.

Seeds watered

After this experience, the City Manager asked Cathy and Amy (Carroll) Moore to co-chair a housing focus group and study the issues. After one year, they presented their recommendations:

Start a nonprofit
Establish a consortium line of credit
Draft a message that it is unacceptable to have substandard housing in our city.

The City Manager then said, “Go do it.” Thus, Cathy left her job at the Homebuilders Association and formed the Columbus Housing Initiative (which became NeighborWorks Columbus in 2004).

Garden is in bloom!

With generous funding from an anonymous donor, our work began in 1999.

The first task the city asked the nonprofit to do was to revitalize South Lawyers Lane. In surveying residents for that work, one of the first things we learned was that residents called their neighborhood East Wynnton Park.

East Wynnton Park

We rebranded it. We worked individually with an architect and residents to design the look of their homes and created a community garden. The work of NeighborWorks Columbus really started in East Wynnton Park. Over the course of time spent there, we built 51 homes! EWP was no longer defined by its deficiencies; rather it was a place of opportunity and hope. In December of 2003, the U.S. Department of Housing and Urban Development (HUD) named East Wynnton Park a “Best in American Living” neighborhood. It had become a Neighborhood of Choice.

Milestone Moments

It is worth noting that from the start, our homeownership model, Avenues to Homeownership, has stayed the same at its heart: we walk with individuals seeking homes through each step of the process. This includes financial counseling, homeownership education, securing affordable loans, down payment assistance options where possible, and a relationship that even extends beyond the closing table. The goal is not just putting people in a house–but creating successful lifelong homeowners. This is the core of what NeighborWorks Columbus does each day.

Columbus Cottage Program

From the beginning of our history, NeighborWorks Columbus has had a version of the Columbus Cottage Program. Began as a partnership with Jordan Vocational High School’s Construction Program, Students Housing Seniors, this life-changing program has given back to senior citizens in our community by taking substandard homes they already owned and building them a new home in its place. This has given 9 senior citizens in our community the ability to age in place with dignity in their own homes.

Beallwood

In 2005, we transitioned out of working in East Wynnton Park and moved into the Beallwood community. Over the years, NeighborWorks Columbus worked closely with the community to build several single family, duplexes, and cottages for our residents. Many of the homes that were originally built to be sold, had to be rented when the housing market crashed in 2008. Over time, we have sold all these rental properties to homeowners in a neighborhood that is truly a unique and wonderful place to call home.

Hallock Soldier’s Fund

In 2007, the Hallock Soldier’s Fund was established in memory of Colonel Richard Hallock to help soldiers and their families achieve the American dream of homeownership. This fund offers down payment assistance, low-interest loans and matching incentives to help soldiers and their families become successful homeowners. Through the years, 142 have benefited from the Hallock Soldiers Fund.

Solstice

In partnership with The Bennett Group, NeighborWorks Columbus built Solstice, a community in Auburn, Alabama for low-income senior citizens. The community features 28 duplex units in a beautiful, ideally located neighborhood.

North Highland Developments

In 2019, we began our third neighborhood revitalization effort in partnership with so many partners. The North Highland community was once a thriving neighborhood, but when the mill shut down, it left its residents impoverished. Our efforts resulted in two big developments in this region: Highland Terrace and Highland Homes.

Highland Terrace

Highland Terrace is a beautiful apartment complex housing 102 low-income senior citizens in North Highland. It is located next to Fox Elementary School, on the site of the former Meritas Mills location.

Highland Homes on 4th

This new subdivision was built along 4th Avenue on the block between 35th and 38th Streets. The 20 new homes have been purchased by former residents of the Ralston Towers, mothers working at Wal-Mart, doctors, and military families. It’s truly a unique and diverse neighborhood in the beautiful Mill District.

Elliott’s Walk

This brings us to today. NeighborWorks Columbus started work on Elliott’s Walk, bringing new affordable housing to South Columbus for the first time in 50 years. Last year, we built 19 new single-family homes, which have all been sold. The second phase of 26 homes is under construction now. Once that is completed, we will build a 130-unit low-income senior housing at Elliott’s Walk called Providence Pointe.

Truly, it’s been an honor to work with this community for the past 25 years.

Cheers to the next quarter of a century! Thank you for helping us give this community safe, fit, and affordable housing for all citizens of low to moderate income.

07/10/2024

Home Sweet Home in Elliott’s Walk

Emma West was tired of paying rent and living in apartments, and she knew she wanted to own a home.

She started her journey almost five years ago and kept hitting road blocks.

“This process was not an easy one for me. I had a bunch of ‘no’s’ along with a lot more excuses of why I couldn’t be a homeowner,” West said.

West works at Wal-Mart, and was told by various sources she did not make enough money or would need a co-signer. But, she did not give up hope.

Earlier this year, Emma was encouraged by her family to come to NeighborWorks Columbus. That’s when the process sped along for her. Just a few months later, Emma is the proud homeowner of not just her first home but a brand-new home in Elliott’s Walk!

“(NeighborWorks Columbus staff) told me I was approved for the loan, and then they told me about Elliott’s Walk. It was just a dream come true,” she said.

Ema closed on her home last month, becoming one of the first homeowners in this historic subdivision that will eventually house hundreds—and she did it despite lots of trials and proudly, without a co-signer!

Is financial freedom within reach?

This month we celebrated Independence Day, but let’s talk about a specific kind of freedom: financial freedom.

Financial freedom may mean different things to different people, but ultimately it comes down to taking ownership of your finances–making your money work for you and not the other way around.

Many of us live paycheck to paycheck, and even if that describes you, you can achieve financial independence.

Let’s break it down a bit.

1. Budget

You can’t reach financial freedom without knowing exactly where you stand with your money. You need to take an honest assessment of how much income you make each month and what your expenses are. This can take a bit of a learning curve if you are new to it, so don’t get discouraged. There are several free apps available to help you think about all your possible expenses in a month, but when you are just getting started it’s definitely easy to forget something.

To get you started, write out all your income. If your paychecks aren’t always the same amount, try to make your best guess and aim on the lower side. That way you will not spend more than you know you will make.

Then, try to list all your expenses. Start with the things you can count on (like your basic bills). Then add in groceries, household supplies, doctor visits, medicines, eating out, entertainment, subscription services, clothing and debt payments. Don’t forget special events coming up like birthdays or holidays. Everyone won’t have all these expenses and some may have other categories but this is just to get you started.

2. Set Goals

Now that you’ve budgeted, you have a clear idea of your money (which by the way may take a month or two to get accurate. If you aren’t used to tracking your groceries or how much you spend on cleaning products, for example, that may take a few tries to get right). It’s time to set some financial goals. If you need to save money or pay down some debts, you now should have an idea of where you can cut out some expenses, like possibly not eating out as much or spending less on entertainment or streaming subscriptions. Shopping at thrift stores instead of clothes new off the rack. If you need to save money, find ways to temporarily sacrifice for your ultimate goal.

Here are some great goals to start with:

Pay down debts, especially if there are any in collections or any with very high interest rates
Build an emergency fund of at least $1,000
Start saving for something bigger, like a down payment on a new home
Invest in your future

3. Grow your income

There are only so many expenses a person can cut. And if you are living minimally, you may be out of options (you can’t cut your power bills and house payments, unfortunately)! It may be time to consider other sources of income.

You don’t necessarily have to get a higher paying job, though that could always be an option. You could consider taking up a side hussle or selling some of your goods on Facebook marketplace. You could even have a yard sale.

All of these things are great ways to either temporarily or for the long run make some extra money.

4. Celebrate milestones

When working toward a financial goal, especially if it’s a lofty one, it can be easy to get discouraged or lose sight. So it’s important to celebrate victories along the way, no matter how big or small they are! For example, if you are paying down multiple debts, reward yourself with a little treat when you pay down the first one.

If you are saving $1,000, celebrate being half way there.

No matter how lofty or little your income is, financial freedom is within your reach. Give yourself a lot of grace, and take one step at a time. This is a marathon and not a sprint, and with determination and careful planning you can achieve your goals.

Home maintenance tips to handle this Fall

Given the very summer-like temperatures outside, it may be a little hard to believe fall is on the way, but in just a few short weeks we will welcome the official start of a new season.

Many people enjoy the cooler temps and pumpkin flavors, but there are a few practical home maintenance steps to take to prepare for falling leaves and cooler temperatures. This list will help ensure your home is as ready for fall as you (hopefully) are:

Clean out gutters & drains

Clogged gutters can lead to all sorts of water damage to your home. To protect your roof, make sure you unclog your gutters before leaves fall. Once you do, cover them with mesh to keep the debris out as leaves fall. It’s also a good time to clean out your downsprouts. Going on the roof is not ideal for everyone, so this would be a good job to hire out if that’s you!

Take care of your roof

While you (or a proxy) are up on the roof, you need to assess it for damage. Inspect for missing or damaged shingles, other cracks or wind damage. It’s also important as leaves fall to keep the roof cleared, as a build-up of leaves and other debris can cause damage to your roof.

Check your home’s exterior

While we don’t typically get snow in our area, we are still prone to the occasional ice storm. Fall is a good time to take a walk around your home and check for cracks in the siding, foundation or walkways and have them repaired if you find any. Once leaves are done falling, make sure to clear your pathways and secure any loose stair railings.

Critter proof

As colder weather comes, critters will be looking for warm homes with pantries to raid—and you don’t want those to be yours! Mice can make their way through even the smallest of holes, a width of a pencil! If you find any holes you will want to seal them. This can be done with steel wool, caulk, cement, hardware cloth or other materials depending on the sizes of your holes. For a detailed list on where to check for holes and how to fill them if you find them, read this CDC article.

Service your HVAC

As temperatures change, it’s a good idea to have your heating system serviced to prepare for colder temperatures. It’s always better to find out something needs maintenance before you actually need it to stay warm! Fall is also a good time to change your air filter.

Add weatherstripping

Weatherstripping is a simple way to keep energy costs down. Check your current weaterstripping around your doors and windows. A trick is to slide a piece of paper under the door or window. If it slides easily, it’s time to replace your weatherstripping. Additionally if there are any cracks in the house, that could let air out, it’s time to seal those up.

Check safety devices

Check to make sure your carbon monoxide and smoke detectors are working properly and change batteries if needed. Also, check the expiration dates on your fire extinguishers and purchase new ones if its time.

Schedule a chimney sweep

If you have a working fireplace, you’ll want to make sure your chimney is cleaned before you light your first fire for the season. There are ways to do this yourself if you know what you are looking for, but a professional can also perform an inspection and clean your chimney for you.

Surprising benefits of homeownership

25 years of NeighborWorks Columbus

Home Sweet Home in Elliott’s Walk

Is financial freedom within reach?

Home maintenance tips to handle this Fall

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