Home Ownership
Goal: All residents will have a safe, permanent, affordable housing, and Saginaw County will work to increase minority ownership of homes.
Measure
The percentage of owner‐occupied housing units and the value of owner‐occupied units with a mortgage.
Why This Indicator is Important
The U.S. Department of Housing and Urban Development (HUD) defines housing affordability as payment for monthly housing expenses that does not exceed 30% of a household’s monthly gross income (rent or mortgage payment plus insurance and taxes). Households paying more than 50% of their gross monthly income for housing are considered severely cost burdened.
How Are We Doing?
Data shows that 75 percent of Saginaw County and Michigan residents own a home. Median home prices in Michigan fell by ten percent and eight percent in Saginaw County. Data also show that in Saginaw County 40 percent more persons owned homes worth less than $100,000 than in Michigan.
Meanwhile, race disparities in home ownership represent the most noticeable gap in the data provided. While more African Americans in Saginaw County own a home than statewide, White persons owning a home outrank African American home ownership by 74.9%. This gap is even wider at the state level with a difference of 78.9%.
Meanwhile, race disparities in home ownership represent the most noticeable gap in the data provided. While more African Americans in Saginaw County own a home than statewide, White persons owning a home outrank African American home ownership by 74.9%. This gap is even wider at the state level with a difference of 78.9%.
How Can You Have An Impact?
- Help community members find employment and stable income so that they have a greater chance of home ownership.
- Promote financial planning strategies and on-time bill payment to establish good credit.
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