In addition to the financial advantages of owning a home, there are many social benefits of owning a home as well. Homeownership gives family stability, creates lower high school dropout rates, and of course gives the opportunity to create meaningful and lasting relationships.
- On achievement tests, children of homeowners score 9% higher in reading and 7% higher in math than children of renters.
- By age 20, children of homeowners were half as likely to be idle and rely on welfare as an adult.
- Neighborhoods with at least an 80% rate of homeownership generate a $5,000 premium on house prices in the area.
The Housing Need in Burlington and Mercer Counties
The lack of affordable housing in Burlington and Mercer Counties is widespread, affecting low- and middle-income households, seniors, people with disabilities, single heads of households and young adults.
According to a report titled “Out of Reach” published by the National Low Income Housing Coalition, the estimated rent on a typical two-bedroom apartment in Burlington County is $1,211 per month and $1,364 in Mercer County. This means that a worker would need to work 117 hours at minimum wage to afford a two-bedroom apartment at market value.