New Report Finds Most New Mexico Homeowners Better Able to Afford Housing Than Renters, Holds True Across Income Level and Race

New Research From Homewisdom, a Research and Public Policy Housing Initiative from Homewise to Advance Homeownership Strategies in New Mexico and Nationwide

SANTA FE, N.M., June 14, 2022 /PRNewswire/ -- A new report released today from Homewisdom, a new research and public policy initiative established by Homewise, found that New Mexico homeowners are generally better able than renters to afford their housing. The typical New Mexico homeowner spends 15 percent of their income on housing while the typical renter must devote 25 percent of their income to rent. This holds true even among low-income households with annual incomes below $50,000, where renter households spend one-third of their income on housing while owners in the same income group spend less than one-quarter (23 percent).

"While homeownership is not the right solution for every household, it is an opportunity to obtain sustainably affordable housing that could benefit far more New Mexico households than it currently does," said Kelly O'Donnell, Director of Homewisdom. "If New Mexico's effort to improve housing affordability is to facilitate lasting financial security for working families, homeownership must play a central role."

Both in New Mexico and nationally, African American and Hispanic homeowners have higher average housing expense ratios than White non-Hispanic homeowners, but owners fare better than renters, regardless of race. In New Mexico, African American, Native American, Hispanic, and White non-Hispanic owners all have lower housing expense ratos than renters of the same race/ethnicity. Homeowners of color also experience lower average housing cost burdens than White renters.

Read the full report here.

The research is the first report from Homewisdom, a new research and public policy initiative from Homewise to provide data, insights, and policy recommendations to help advance homeownership strategies. For more than 35 years, Homewise has been a leading voice for affordable homeownership and stronger neighborhoods. Homewisdom will combine Homewise's experience with homeownership with data and policy analysis, focused on key issues such as closing the racial wealth gap through homeownership and developing potential policy solutions for national, state, and local lawmakers to consider.

Kelly O'Donnell, an economist with over 20 years experience in New Mexico public policy and finance, will serve as Homewisdom Director.

O'Donnell continued, "Homewisdom's research has and will create long-term financial well-being for not only New Mexico, but the nation as a whole. This initiative builds upon Homewise's decades of work to support families by increasing access to affordable, long-term housing."

"Homewisdom's research is focused on key issues such as racial equity and demonstrating how homeownership is a leading affordable housing strategy," said Mike Loftin, CEO of Homewise. "Blending local market insights with national data, we're working to identify key trends that can inform policy solutions and create long-term financial wellbeing for not only New Mexico, but the nation."

For more information on Homewisdom, visit www.homewisdom.org and follow on Twitter.

Homewisdom is a new research and public policy initiative, established by Homewise, to provide data, insights, and policy recommendations to help advance homeownership strategies.

For more than 35 years, Homewise has been a leading voice for affordable homeownership and stronger neighborhoods. Homewise is a New Mexico-based nonprofit Community Development Financial Institution (CDFI) with a mission to help individuals and families improve their long-term financial wellbeing and quality of life.

Homewise delivers thought leadership on how we can create positive change in New Mexico and the nation. Our actionable solutions are grounded in decades of experience and current research. Download the Homewisdom fact sheet here.

View original content to download multimedia:https://www.prnewswire.com/news-releases/new-report-finds-most-new-mexico-homeowners-better-able-to-afford-housing-than-renters-holds-true-across-income-level-and-race-301567683.html

SOURCE Homewisdom

[ Back To TMCnet.com's Homepage ]