“Generational wealth has got to start somewhere”
By investing in Habitat homeownership, Tayana is looking to build equity in asset that will benefit her family for years to come.
“Generational wealth has got to start somewhere,” she says.
Tayana is building a three bedroom home in Milwaukee’s Midtown neighborhood. She and her young son, Josiah, are excited to make the move from renting to owning.
“He’s constantly asking ‘When can we move in?’” she says.
For many in this country, homeownership is a driver for generational wealth creation. In fact, U.S. homeowners have an average net wealth that’s 400% greater than that of renters. With housing being most families’ largest monthly expense, the difference between renting and owning can be a game changer when it comes to long-term financial stability. Tayana sees this home as on opportunity to take that expense and invest it into her future.
“I’ve been renting for long enough,” she says. “I’m excited to actually get something that’s my own.”
When she found out about Habitat’s new construction product, she says, “I had my heart set on it.”
Not only did she like that she would be able to purchase a brand new home – with less to worry about when it comes to initial repairs and maintenance – but she appreciates how Habitat prepares homebuyers to be successful. As part of Milwaukee Habitat’s first-time homeownership program, buyers receive financial education and home maintenance courses.
“I will have a resource for things like building my spending budget,” she says.
Tayana noted that in order to keep her finances balanced, she had to escape the constantly rising cost of rent. With Habitat homeownership, she’ll be able to lock in an affordable mortgage rate.
“Rent is crazy right now,” she says. “Nowadays, the price of everything is going up. Sometimes it’s like you either afford groceries or afford your bills. Homeownership is going to ensure I won’t have to make those decisions.” When she closes on her home and gets the keys for the first time, Tayana says, “I know my family is going to proud of me. My son is going to be proud of me.”