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”
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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 is often more affordable than renting for several reasons. Mortgages can be lower than rent payments, and while homeowners have additional costs like property taxes, insurance, and maintenance, these can still be less than the rent for a comparable property.
For households with lower incomes, homeownership is typically more affordable than renting, especially when controlling for income. The stability of fixed-rate mortgages also helps, as homeowners enjoy predictable payments, unlike renters who face annual rent increases.
Ultimately, homeownership offers a stable, affordable path to housing, particularly for low-to-moderate-income families.
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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.