Week Four: Financial Stability

This week we take a look at how Habitat provides families with an opportunity to gain financial stability, often times for the very first time in their family’s history.

Cycles of poverty can be near impossible to break, unless a partnership like this is made available. By offering an affordable mortgage to our partnering families, they are able to break the cycle, invest in their future and the wellbeing of their families. In Connecticut, one in six households spend more than half of their income on housing. To afford a fair-market rent in Connecticut, a person would need to make over $25/hour working a 40hr/week job. The current minimum wage is $12.00, which creates a $13/hour affordability gap.

By donating to Habitat this week, you are directly connected to our mission and our Future Homeowners that are on their way to a better financial future. Your support can take on many roles: financial contributions, donation of time by committing to a long-term volunteer schedule, advocate for Habitat by sharing with others through social media and outreach, serving on committees, shopping at our ReStore locations and donating furniture and building supplies, too.

Click the links to learn more: DONATE – VOLUNTEER – ADVOCATE – DONATE TO A RESTORE

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Habitat knows that when we partner with a family to create simple, decent and affordable housing, we help that family forge a path out of poverty.

Habitat Minnesota, with the help of Wilder Research, conducted a statewide survey to explore the connections between Habitat homeownership and improved quality of life.

In addition to findings about safety, health, social connectedness, and family and personal well-being, the survey reveals:

• About 2/3 of homeowners with children feel more confident about their ability to fund their children’s college education.
• In 92% of the Habitat homes, at least one adult — either the homeowner or another family member — has started, completed or plans to start higher education or training programs.
• Almost 40% pay less in housing costs.
• 53% have more money since moving into their Habitat home.
• Cost-benefit analysis indicates that the 2,200 Habitat homeowners in Minnesota could be using between 6 million and 9 million less in government assistance programs annually.
• Overall, 92% of homeowners said their lives were better since moving into their home. Of those 92%, 89% said they attributed that positive change to Habitat either “completely” or “a lot.”

“It makes living a lot easier, not having to worry about the cost of housing. A Habitat house is much more affordable. It has allowed us to better ourselves.” — Habitat Minnesota homeowner

(link to original article)