Financial Security Starts at Home

For many familes, living in Portland and Gresham, work isn’t working. One out of every five Multnomah County households spend over half of their monthly income for one of life’s most basic necessities: a place to sleep.

This high housing cost burden leaves families in a position of financial vulnerability. During tough economic times, children are among the hardest hit. Since 2008, the number of homeless school age children in Oregon has increased 14%. Habitat’s unique self-help homeownership program enables hardworking parents to provide a safe, stable environment for their children.  For the first time, they can achieve lasting security by owning a key asset: their home.

Our extensive financial training helps families to understand the value of owning a home bought using Habitat’s 0%-interest mortgage. Because payments are set within 30% of each family’s monthly income, they have enough leftover for necessities like food and healthcare. Instead of worrying about where to move when the rent goes up, they can use their resources to plan for the future, whether saving for college or retirement.

Once Habitat completes a new community, families receive leadership training and form a homeowners’ association. Working together in this way, they take care of their homes’ long term exterior maintenance—ensuring that the homes Habitat builds remain community assets for years to come. Studies have shown that homeowners take a more active role in the community than renters and are 16% more likely to belong to school or community organizations. The children of homeowners are 59% more likely to own their home within 10 years, perpetuating a new cycle filled with hope.¹

1. NeighborWorks America. “The Many Benefits of Home Ownership”, January 2007.
2. Differential Effects of Homeownership, 2003.