Brittney’s Key To Housing Longevity
The longevity of homeownership is a key factor to why Brittney wants to move on from being a renter. From a young age, Brittney realized the benefits of having a stable place to call home.
“My mom owned our home for the last 20 years,” she says.
It’s that type of stability that Brittney is now looking to build for her two children, Taylor and Savannah. She wants them to know that they’ll always have a place to come home to.
“This will be something that they can be proud of,” she says.
Stability is key for many of the families who partner with Milwaukee Habitat for Humanity to become first time home buyers. In a recent study, we’ve found that the average Milwaukee Habitat homeowner stays in their home for 13 years. That matches the nationwide average length of time homeowners stay in one home. Renters, on the other hand, average just 2.3 years in a location.
Not only does homeownership offer a stable location, but also long-term financial stability. As housing prices continue to rise in Milwaukee, Habitat homeowners lock in an affordable mortgage. And it’s not just the cost of rent that’s rising. Prices for more affordable homes (those affordable at 75% of the metro area median income and below) have increased at nearly twice the rate of expensive homes (those affordable at 125% of metro AMI and above). The result is that many families in our city are simply priced out of the homeownership market, all while paying more and more of their income on rent.
Through Habitat’s affordable homeownership program, Brittney is building a brand new three bedroom home in Milwaukee’s Harambee neighborhood. The average mortgage payment right now for a new Habitat home is between $600-$800 per month.
Brittney loves that she’ll be able to help build her own home. She’s excited to learn new skills on the jobsite; skills that she can use down the road if and when her home eventually may need repairs.
Most of all, Brittney can’t wait to decorate. She has plans to finish the basement and create another welcoming space for the family as her children grow.