In LaGrange, Ga., 22 families became homeowners after the Jimmy Carter Work Project.

Five Things You Should Know About Homeownership
by Rebekah Daniel

This year's 92 Jimmy Carter Work Project homeowners have joined the ranks of more than 72 million households in the United States that own houses. Coming from inadequate or substandard housing conditions, Habitat homeowners have a keen understanding of the financial benefits of homeownership, some of which are listed below.

Homeownership can increase household wealth.
Home equity is an especially important source of wealth for those in the bottom fifth of income distribution. In 2001, the median net wealth of these lowest-income owners was $68,000, while that of lowest-income renters was only $500. Furthermore, for half of these owners, home equity accounted for 80 percent or more of their total net wealth.

--State of the Nation's Housing, 2003


Homeownership is becoming more accessible.
The total number of U.S. households owning homes reached a new peak of 72.6 million in 2001--a record-setting 67.8 percent. The net increase since 1994 totals 9.5 million homeowners, with minorities accounting for 40 percent of the gain.

--State of the Nation's Housing, 2002


Homeowners are more likely to live in decent housing.
Although the nation's 34 million rental units are generally in good repair, the American Housing Survey estimates indicate that 4 million (11.6 percent) have moderate or severe structural deficiencies. Renters are more than twice as likely as owners to reside in structurally inadequate housing.

--State of the Nation's Housing, 2002


Homeownership benefits children.
Research in Cincinnati, Ohio, has shown that children of homeowners are 25 percent more likely to graduate from high school, 116 percent more likely to graduate from college and 59 percent more likely to own a home within 10 years of moving from their parents' household.

--Neighborhood Reinvestment Corporation, Cincinnati office


Habitat houses are more accessible for low-income families.
In May 2003, the average sale price of an existing house in the United States was $213,800. The average selling price of a Habitat house in the United States was $56,405.

--National Association of Home Builders; Habitat for Humanity International