Yahoo Finance House hunting with limited resources? Durham expert says this is where to start.
As higher home prices and mortgage rates squeeze many would-be buyers across the Triangle, it’s getting harder to gain a foothold on the property ladder.
But paths to homeownership still exist, said Tiana Joyner, CEO of Habitat for Humanity of Durham — even for “cost-burdened” families, who pay “more than 30% of their income on housing costs.”
Enter “Community Day,” a three-hour informational session to be held in the Holton Career Center at 401 N. Driver Street on Saturday, June 1, from 10 a.m. to 1 p.m.
The event is pitched at current and would-be homeowners. Attendees will learn about Durham Habitat’s programs and other resources, including credit repair, financial literacy, lending resources, insurance, home repair, and estate planning.
It will also connect families with partner organizations. “We create opportunities for those who may not otherwise have access to owning a home,” said Joyner, a veteran nonprofit executive and former case manager for Triangle Family Services.
Earlier this year, the group held its annual “Builders Blitz,” building two 1,200-square-foot homes, from start to finish, in seven days for around $170,000 per house.
The N&O had the chance to catch up with Joyner. Here’s what she had to say (edited for clarity and length):
You’ve served as Durham Habitat’s CEO for almost two years now. What are you seeing on the ground?
During my tenure, I’ve seen so many changes that continue to make this work extremely challenging. We’re unfortunately seeing predatory buyers and land costs continuously increase. Affordability looks a lot different than a couple of years ago.
[Today in Durham, the median home price stands at $425,460 — up 4.9% year-over-year. That’s basically out of reach for someone who earns 50% to 80% of the area’s median income — $35,400 to $80,900 for a family of four — which Habitat serves. You’d need to earn $37,864 to $83,364 more — a total income around $118,764 — to afford that median-priced home with a 20% down payment.]
What does Durham Habitat hope to achieve with its Community Day?
We’re focused on connecting families with partner organizations. Our goal is to create opportunities, especially for our service providers, like teachers, fire fighters, police offices, who can’t afford to live where they work.
Partner organizations include: City of Durham Neighborhood Improvement Services; Consumer Education Services Inc. (CESI); Durham County Tax Administration; Elna B. Spaulding Conflict Resolution Center; Kramden Institute; Law Office of Steven A. Drake; Mother of Motivation, LLC; Rebuilding Together of the Triangle and others.
What are some of the benefits of homeownership?
Homeownership in Durham, like the rest of America, is a catalyst to wealth-building and helps families rise out of poverty.
Affordable housing, specifically, decreases costs for cost-burdened households and releases resources to spend on nutritious food and health care. It also improves academic performance for families with children. In fact, children of low-income homeowners are 11% more likely to graduate from high school and are 4.5% more likely to complete post-secondary education than children of low-income renters.
It also improves physical and mental health.
What should would-be homeowners do to improve their chances?
Would-be homeowners should eliminate debt, pay down collections, avoid credit card debt and save towards their goals where possible.
What is the solution to bringing more affordable housing to Durham?
There are different needs on the housing continuum, ranging from homeless services to affordable homeownership. The key word is ‘affordable,” and Durham Habitat looks for ways to bring down costs and pass those savings on to the homebuyer. Our support from our donors, funders and volunteers helps us in that area.
We’ve also worked hard to grow our land bank and find ways to best use land through responsible density. Partnerships with organizations that have shared mission is also critical. The key is getting local officials, developers, and the general community working together to maintain space for affordable housing.
