NeighborWorks HomeOwnership Centers of Vermont
Vermont CentersBurlington (ChamplainValley)Lyndonville (Northeast Kingdom)St. Albans (Northwest VT)Barre/Montpelier (Central VT)West Rutland (Southwest VT)Springfield (Southeast VT)
 
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Giving our Children a Stake in Vermont

The NeighborWorks Alliance of Vermont expands opportunities for working people to remain in Vermont, raise their families, and retire with dignity and equity. Owning a small piece of Vermont brings social and economic opportunities that make it easier for families to participate fully in civic life in our neighborhoods, communities and institutions.

The National Low Income Housing Coalition ranks Vermont among the nation’s ten least affordable rural housing markets. Too many families use consumer credit to bridge the gap between income and housing costs. Vermont’s high rental housing costs make it tough for families to save money for a down payment. Life as a renter can cause families to move often, which inhibits relationships between neighbors, creates stress for children, and diverts a family’s resources.

Home ownership is good for families, neighborhoods, and Vermont’s economy.  For most families, buying a home is their largest investment and greatest source of savings for education and retirement. Children of homeowners are 116 percent more likely to go to college than the children of similar renter families, and 59 percent more likely to become homeowners themselves.

Through financial counseling and homebuyer education, the NeighborWorks Alliance of Vermont promotes the family and neighborhood stability while also contributing to the preservation and public safety of Vermont’s historic housing stock. The NeighborWorks Alliance is a crucial link for hundreds of families each year who desire long-term financial health. The Alliance provides the educational and the physical foundation that leads to generational success through the economic security and social stability that comes with homeownership.

Strengthen Vermont’s Economy and Strengthen Homeownership Rates
Since being chartered by the national NeighborWorks America (www.nw.org), the members of NeighborWorks Alliance of Vermont have helped over 2,355 families become first-time homeowners in eight years. Vermont’s overall homeownership rate is 72%, but the homeownership rate for families earning $50,000 or less is only 53%.  65% of the families who became homeowners through the NeighborWorks Alliance of Vermont earn less than $35,000.

Homes are crucial to low-income families for financial asset-building.  The median wealth of a low-income homeowner under age 65 is 12 times that of a similar renter. Over 66 percent of the total net worth of low-income homeowners is stored as home equity.
Homeownership generates economic benefits for the broader community. Every new homeowner contributes approximately $40,500 in economic benefits for Vermont.  The construction of a new home generates $252,000
Businesses benefit from homeownership as employees with stable housing that is close to work form a stable workforce that decreases turn-over, tardiness, and training costs.
Homeownership increases participation in electoral politics, civic organizations and social institutions such as parent-teacher organizations, little league, local government committees, neighborhood safety groups, and other community organizations.

As a nationally recognized model of collaboration, the Centers’ work is funded through a partnership between local, state and national private and public investors who understand that Vermont’s future is affected by the exclusion of significant numbers of its citizens from the economic and social benefits of homeownership.
 
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