Homeownership is good for Vermonters
median wealth of a low-income homeowner under the age of 65
is 12 times greater than that of a similar income renter.
Over 66% of the total worth of a low-income homeowner is
stored as home equity.
Homeowners are less likely to move, more likely to establish
friendships and neighborhood commitments, and more likely to
become involved in schools and local politics.
Children of homeowners are 116% more likely to go to college
than the children of renters, even after considering age, income,
and length of stay in a community.
Children of homeowners are 59% more likely to become homeowners
Homeowners utilize their accrued home equity to start a business,
save for college, prepare for retirement, and create greater
economic independence and stability.
Homeownership provides economic benefits to Vermont
Each time a home is purchased , many industries benefit.
When the last 361 homes were purchased, the combined value
of the realtors' fees, insurance policies, and state and
local taxes was $2.1 million. 1,000 new homeowners are projected
to bring close to $6 million in similar benefits.
When people buy a home, they spend on improvements. The 1,000
new homeowners created through VHI are projected to spend as
much as $2.7 million on their home improvements.
NeighborWorks Alliance of Vermont advanced $2 million in construction
and $2.9 million in related spin-off economic activity including
31 local jobs and $62,000 in taxes from the first 361 homebuyers.
In the initial phase, 71 potential foreclosures were avoided
through counseling that would have cost homeowners and their
lenders $1.6 million.