Empowering Homeownership: Ascension’s Path to Mixed-Income Communities and Economic Mobility

“In general, more affordable housing [rent] correlates with lower income inequality…Faster-growing metro areas tend to see more inequality too…” 

— Ann Lowrey, “Where to Find the Most Inequality” 

Ascension's Unique Approach to “Attainable” Homeownership and Accelerated Wealth Creation

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The Path to Affordable Housing: Why Owning Beats Renting 

At Ascension, we're reshaping the narrative on affordable housing in Charlotte by prioritizing sustainable homeownership over traditional rental solutions. While many focus solely on providing affordable rental units, we believe that true empowerment comes from homeownership. Our differentiated approach centers on creating pathways to homeownership through our 'for sale' housing initiatives. By offering affordable homes for purchase, we're not just addressing the immediate need for housing; we're fostering long-term stability and generational wealth within our communities. 

Homeownership can often be more affordable than renting due to several key factors. 

  • Firstly, homeownership typically involves paying a mortgage, which, when compared to rental payments, can be lower in many cases. Even though homeowners may need to cover additional expenses such as property taxes, insurance, and maintenance, these costs can often be lower than the monthly rent for a comparable property.  

  • Additionally, when controlling for income, owning a home tends to be more affordable than renting, especially for households with annual incomes below certain thresholds. This affordability advantage persists across various income ranges, including for low-to-moderate-income families. 

Moreover, the stability and predictability of homeownership contribute to its affordability. Unlike rental housing, where landlords can increase rents annually, homeowners with fixed-rate mortgages benefit from consistent monthly payments over the long term, which can lead to a lower housing expense ratio compared to renting. Ultimately, by providing a path to stable and affordable housing, homeownership offers an effective solution to the housing affordability crisis, particularly for those with lower incomes. 

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Redefining Attainable Housing: Ascension's Focus on Homeownership and Economic Mobility

Ascension CDC recognizes that affordable homes for rent can exacerbate income, economic, and housing inequalities and inequities. Through strategic partnerships, innovative financing options, and comprehensive homeowner education programs, we're breaking down barriers and empowering families to achieve their dreams of homeownership. By focusing on 'for sale' housing, we're providing families with the opportunity to build equity, secure stable housing, and ultimately break the cycle of economic immobility.

However, it's essential to acknowledge that more affordable rental housing can also contribute to addressing income inequality. .Research indicates that areas with more affordable housing tend to have lower income inequality, while faster-growing metro areas often experience more significant disparities. Our commitment to attainable homeownership extends beyond providing housing; it's about creating thriving communities where residents have a stake in their future. By promoting homeownership, we're investing in the long-term vitality of Charlotte, fostering economic mobility, and building a more inclusive and prosperous city for all.