Efforts to Boost Homeownership in U.S. Cities

A community development financial institution in Los Angeles is pioneering equity-sharing models to tackle the affordable housing crisis, as housing prices have surged nearly 40% since 2019, making homeownership increasingly unattainable for local residents. Meanwhile, Rhode Island has emerged as the leading state for first-time homebuyers, experiencing a 14.3% increase in mortgage share, despite high median home prices. A report by First American highlights the wealth accumulation benefits of homeownership, revealing that homeowners have gained substantial equity compared to renters who have lost wealth over the same period. In Davenport, Bank of America employees are actively volunteering and donating funds to Habitat for Humanity to support new home construction, emphasizing the importance of community involvement in homeownership initiatives. Detroit is also focusing on increasing homeownership through down payment assistance programs, aiding residents like Jamia Timmons in overcoming financial barriers to buying homes. These initiatives reflect a broader national trend toward addressing the challenges of homeownership amid rising costs and economic disparities.