How much of a difference does having a safe, decent and affordable home have on the economic condition and quality of life of essential workers in our community have? Plenty! Take it from four owners of Habitat for Humanity built homes.
Home Economics
Many economists say that the difference between living in poverty, with constant housing and food insecurity, is $500 per month. They say this amount of money provides enough difference to improve long-term quality of life. This is the first difference a Habitat home can have on a family.
When Nicole moved out of her three-bedroom apartment into her new Habitat home in the Heritage Oaks neighborhood in 2018, she was paying $950 per month for rent. Today that same apartment rents for $1,895 per month…and her mortgage payment (plus impound) is less than what she paid in rent three years ago.
“It’s kind of shocking,” She said. “My mortgage payment is less than what people can rent a room for today. I’m so grateful for Habitat.”
Mike and Tommi, Habitat’s newest homeowners, have had a similar experience. In December 2021 they left behind a sub-standard, mold-infested two-bedroom apartment for their Park Place home. They are now paying nearly $300 per month less for their mortgage versus rent. “Even though it’s only been two-months, it’s amazing what a difference $300 a month makes!” Tommi said.
For Tammy, Nevada County Habitat’s first homeowner, the long-term benefits of home ownership have meant having the ability to invest in her home. Tammy took the keys to her Penn Valley home in 1999. The savings she has experienced over the two decades since moving in have meant being able to make sensible home repairs as needed…and improvements. “Last year I re-did my kitchen. New appliances, laminate flooring and new paint. I’ve gone from feeling so insecure about where I would live (20 years ago), to investing in my home. It’s such a different mind-set.”
Read the full article here.