growth project: phase i building something great
DESCRIPTION
What is Homeownership? The situation of owning one’s home and having a mortgage. Source:TRANSCRIPT
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Growth Project: Phase I
Building Something Great
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Project Objective
Assess the current data within academic literature to
understand the impact of homeownership and stable
housing, and identify key trends by looking at outcomes
that specifically include finances, health, community
involvement, and education.
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What is Homeownership?
The situation of owning one’s home and having a mortgage.
Source: www.collinsdictionary.com
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• Lack of Variability– Too few homes in low price range near places of employment
• Mobility– People below poverty line are twice as likely to move
• Demographics– Minorities have always owned less than whites
– Income and wealth is typically lower
Overview of Homeownership
Source: Social Benefits of Stable Housing, 2012; Rohe and Watson, 2007
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Value of a Home in Ohio
Source: www.zillow.com, Oct. 2014
Average home value: $116,100
Average price of a home: $132,500
Average rent price: $795/ month
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• Finances
• Health Benefits
• Community Involvement
• Educational Benefits
• Summary and Conclusion of Trends
• Next Steps
Trends in Homeownership
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Finances
Growth Project: Phase I
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Homeownership and Income
Source: U.S. Census Bureau, 2014
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 201440
45
50
55
60
65
70
75
80
85
90
67.2 67.7 67.6 68 69.2 68.6 68.7 68.2 68.1 67.4 66.9 65.9 65.5 65 64.7
50.8 51.7 51.5 51.653.1 52.7 52.6 52 51.8 51.5 51.9
50.6 50.6 50.3 49.8
81.8 82 82.283.6 83.9 84 84.1 83.4 83.5
82.2 81.9 81.2 80.5 79.7 79.5
U.S. Average Lower than Average Higher than Average
Perc
enta
ge O
wne
rshi
pHomeownership Rates in America
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Homeownership and Income
Source: American Community Survey, 2010
Under $10,000 $10,000-$25,000 $25,000-$50,000 $50,000-$100,000 Over $100,0000%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
32%
46%
60%
75%
88%
Household Income and Homeownership Rates
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Homeownership and Income• Correlation between homeownership and a heavy financial
burden• Low income households must devote a greater percentage
of income toward housing and utilities
U.S. Average Habitat's Limit Suggested Limit Danger point Low-Income Households
0%
10%
20%
30%
40%
50%
60%
16%
30%35%
45%51%
Percentage of Pre-tax Income Devoted to Housing & Utilities
Source: Hanna, Yuh, & Chatterjee, 2012, U.S. Bureau of Labor Statistics, 2008, Greninger et al., 1996
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Homeownership and Income• Financial Management and Homeownership
– Low-income individuals tend to have lower financial literacy,
numeracy skills, and overall financial knowledge
– Financial coaching can decrease payment delinquency
Source: Lax et al., 2004, Moulton, Loibl, Samak, & Collins, 2013
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Homeownership and Job Stability
• Area that needs further study
• There is a potential:– Increase in job stability
• More motivation to make payments
• Social Networking
– Decrease in job stability• Geographic limitations
Source: Dietz & Haurin, 2003
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Health BenefitsGrowth Project: Phase I
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Positive Mental Health Benefits• Sense of control
– Homeowners believe they are in greater command of important life events
• Higher self-esteem– Higher parental self-esteem impacts children’s self-esteem
levels• Trust in neighbors
– Homeowners give a certain place attachment to their neighborhood, giving them a stronger sense of community
• Length of time spent in home– The longer a homeowner spends in their home, the more likely
they are to form social ties within the community
Source: Mantrunk, 2012; Social Benefits of Homeownership and Stable Housing, 2012; Rohe &
Lindblad, 2013
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Negative Health Effects• Mental Health
– Fear– Anxiety– Depression– Hopelessness– Stress
• Physical Health– Hypertension– Renal disease– Exposure to toxic substances– Poor respiratory conditions– Injuries such as burns or falls
Source: Rohe & Linblad, 2013, Naturalleader.com
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Building a Healthier Home• Creating healthier homes
– Hard-flooring
– Low-/No volatile organic compounds products
– Non-toxic materials & low-/no formaldehyde products
– Enhanced insulation technology
– Enhanced moisture control
Source: Naturalleader.com 2014
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• 63% of homeowners believe that products and practices used in homes can have an impact on health
• Commonly cited health conditions impacted by home-related factors (mold, mildew, pollution) are:– Allergies
– Asthma/respiratory illnesses
– Headaches/migraines
Source: Naturalleader.com, 2014
Can a Home Influence Health?
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Can a Home Influence Health?• Positive health benefits associated with homeownership:
– Fewer instances of illnesses overall
• Fewer cases of respiratory illness
– 38% green vs. 12% non-green
• Fewer sick days from school or work
– Better sleep for homeowners
• 56% green vs. 16% non-green
Source: Naturalleader.com 2014
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Habitat Pilot Study: Minnesota• Safety
– 84% of respondents said they felt their child was safer
• Overall Health– 53 respondents admitted to having respiratory illnesses
– 30% of respondents said they visited the doctor less frequently
Source: Habitat for Humanity of Minnesota Homeowner Impact Study, 2011
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Community Involvement
Growth Project: Phase I
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Community Involvement• Increased homeowner involvement:
– More political involvement
– More social capital
– Stronger bonds to neighbors
– More likely to be involved with organizations dedicated to
improving neighborhood
Source: Brisson & Usher, 2007; Dietz & Haurin, 2003; McCabe, 2013; Rohe & Lindblad,
2013; Rohe & Stegman, 1994
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Community Involvement• Why might they be more involved?
– Financial self-interest
– “Dwellings as a bundle of interests”
– More likely to live in neighborhoods with opportunities for school
involvement
Source: Manturuk, Lindblad, & Quercia,2012
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Educational Benefits
Growth Project: Phase I
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Educational Benefits for Children• More likely to stay in school
• Raised in a more stimulating home environment
• Have higher productivity levels
• Achieve higher levels of education
• Earn higher levels of income
Source: Haurin, Parcel, & Haurin, 2002; Green & White, 1997; Boehm & Schlottmann, 1999
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Educational Benefits for Children
• Parents acquire do-it-yourself skills, interpersonal skills,
and financial skills through homeownership, which they
can pass onto their children
• Greater access to educational opportunities
Sources: Green & White, 1997; Ellen & Turner, 1997; Jencks & Mayer, 1990
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Educational Benefits for Adults• Homeownership in low-income families:
– Significantly less likely to drop out of high school
– More likely to complete a post-secondary education
– Less likely to experience teen pregnancy
– Raises overall educational attainment, earning and welfare
independence
Positive effects do not apply if income is over 150% of poverty line
Source: Green & White, 1997; Aaronson, 2000; Harkness & Newman, 2003; Green, Painter & White,
2012
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Summary and Conclusion of Trends
Growth Project: Phase I
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“When you’re a homeowner, you…”
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Next StepsGrowth Project: Phase I
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Next Steps
• Discuss VoC interview guide
• Schedule and conduct VoC interviews
• Analyze results
• Phase II presentation (January)
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Growth Project: Phase I
Building Something Great