New Report Finds Most New Mexico Homeowners Better Able to Afford Housing Than Renters, Holds True Across Income Level and Race

New Analysis From Homewisdom, a Analysis and Public Coverage Housing Initiative from Homewise to Advance Homeownership Methods in New Mexico and Nationwide

SANTA FE, N.M., June 14, 2022 /PRNewswire/ — A brand new report launched in the present day from Homewisdom, a brand new analysis and public coverage initiative established by Homewise, discovered that New Mexico owners are typically higher in a position than renters to afford their housing. The everyday New Mexico house owner spends 15 p.c of their earnings on housing whereas the standard renter should dedicate 25 p.c of their earnings to hire. This holds true even amongst low-income households with annual incomes beneath $50,000, the place renter households spend one-third of their earnings on housing whereas house owners in the identical earnings group spend lower than one-quarter (23 p.c).

“Whereas homeownership just isn’t the fitting answer for each family, it is a chance to acquire sustainably reasonably priced housing that might profit much more New Mexico households than it at the moment does,” stated Kelly O’Donnell, Director of Homewisdom. “If New Mexico’s effort to enhance housing affordability is to facilitate lasting monetary safety for working households, homeownership should play a central position.”

Each in New Mexico and nationally, African American and Hispanic owners have larger common housing expense ratios than White non-Hispanic owners, however house owners fare higher than renters, no matter race. In New Mexico, African American, Native American, Hispanic, and White non-Hispanic house owners all have decrease housing expense ratios than renters of the identical race/ethnicity. Householders of shade additionally expertise decrease common housing value burdens than White renters.

Learn the complete report right here.

The analysis is the primary report from Homewisdom, a brand new analysis and public coverage initiative from Homewise to supply knowledge, insights, and coverage suggestions to assist advance homeownership methods. For greater than 35 years, Homewise has been a number one voice for reasonably priced homeownership and stronger neighborhoods. Homewisdom will mix Homewise’s expertise with homeownership with knowledge and coverage evaluation, centered on key points similar to closing the racial wealth hole via homeownership and growing potential coverage options for nationwide, state, and native lawmakers to think about.

Kelly O’Donnell, an economist with over 20 years expertise in New Mexico public coverage and finance, will function Homewisdom Director.

O’Donnell continued, “Homewisdom’s analysis has and can create long-term monetary well-being for not solely New Mexico, however the nation as a complete. This initiative builds upon Homewise’s a long time of labor to assist households by rising entry to reasonably priced, long-term housing.”

“Homewisdom’s analysis is targeted on key points similar to racial fairness and demonstrating how homeownership is a number one reasonably priced housing technique,” stated Mike Loftin, CEO of Homewise. “Mixing native market insights with nationwide knowledge, we’re working to determine key tendencies that may inform coverage options and create long-term monetary wellbeing for not solely New Mexico, however the nation.”

For extra data on Homewisdom, go to www.homewisdom.org and observe on Twitter.

Homewisdom is a brand new analysis and public coverage initiative, established by Homewise, to supply knowledge, insights, and coverage suggestions to assist advance homeownership methods.

For greater than 35 years, Homewise has been a number one voice for reasonably priced homeownership and stronger neighborhoods. Homewise is a New Mexico-based nonprofit Group Growth Monetary Establishment (CDFI) with a mission to assist people and households enhance their long-term monetary wellbeing and high quality of life.

Homewise delivers thought management on how we will create optimistic change in New Mexico and the nation. Our actionable options are grounded in a long time of expertise and present analysis. Obtain the Homewisdom reality sheet right here.

SOURCE Homewisdom