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Creating Multigenerational Homeownership

Creating Multigenerational Homeownership

Homeownership has long been considered a foundation for success, and for good reason. The truth is, owning a home can create generational wealth and positively impact the lives of all who reside there. Studies consistently show that children raised in homes that are owned rather than rented perform higher academically and have better job prospects in the future.

This is because homeownership provides stability and improves financial security, both of which are essential to a child's development. Beyond this, homeownership sets a precedent for future generations to continue building wealth and financial security through the ownership of assets. Overall, there are many benefits to owning a home, both for the current generation and those to come.

Betty’s Habitat Home Made a Difference for Generations

Betty became a homeowner through Twin Cities Habitat for Humanity in 1991. “It was hard for me being a single mom,” she says. “When I saw the Habitat sign, that was a blessing in disguise.”

“Since I moved into the house in ‘91, I have been able to get my kids through school. They finished college, and now they have their own kids. When they come over, the park is right across the street. It’s nice they can come and see they have a place where they grew up that they can keep coming back to.”

Betty’s daughter Simone feels strongly about the home, too. It was an inspiration to her when it was time for her to find a home for her growing family. Betty’s example inspired her daughter to become a homeowner herself.

“When I became a mom, my goal was to at the very least give my kids what I had–and I hoped I could give them more. I always knew I was going to find a home, I was going to be a homeowner, and I was going to provide what my mother provided for me. Much like my house when I was a kid, now our house is the place where all the kids congregate on the weekend.” Simone’s home is a place where her family and children can come together.

Whether it’s eating breakfast together on Sunday morning or staying up late to work on homework at the kitchen table, the example Betty set for her daughter in owning a home informed Simone’s decision to provide the same respite for her own family.

Now there are three homes where the family has set lasting roots: Betty’s, Simone’s, and her sister’s. Multigenerational homeownership is helping Betty’s family thrive.

Here to Help Our Community Strive for Homeownership

Every year, Twin Cities Habitat for Humanity helps thousands of people take steps toward owning a home. Our First-Time Homebuyer Program, which is informed by a Black Homeownership Advisory Council, reaches out to people who may not know it really is possible to own homes.

Interested in learning more about our programs? We’ll meet you wherever you're at in your homeownership journey, and you can pick the path to homeownership that works best for you. We’ll provide you with coaching, education, and support in your journey. Your decision to become a homebuyer will have a lasting impact on generations to come. How to Build Generational Wealth Through Homeownership CTA with book image

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