Giving our Children a Stake in
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.
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
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.
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.
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
future is affected by the exclusion of significant numbers of
its citizens from the economic and social benefits of 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
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.
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.