Jim’s Desk: Homeownership Access Gap Widens Locally, Nationally

By February 25, 2021From the CEO

Before the pandemic, 1 in 7 U.S. households were paying 50% or more of their income on housing. Gaps in homeownership by race have also not changed since 1968 (see graphic below). COVID-19 and its economic impact have only worsened the home affordability crisis as supply has greatly decreased while demand remains high.

In greater Indianapolis, access to attainable homeownership is a considerable and growing challenge. According to the most recent MIBOR data on home prices, median home prices in Indianapolis soared by 18.6% from the start of 2020 to the start of 2021. The current median sales price is $185,000. In Hamilton County, the median sales price is $335,750.

This is good for those who already own a home and are seeing their assets increasing. It is not only the traditional American dream, owning a home has been the number one means for households to build generational wealth in the U.S., especially amongst lower income households.

We are entering our 34th year of providing equitable access to the opportunity of homeownership. While the pandemic slowed us down in 2020, it has not deterred our resolve to provide and preserve workforce housing in the four counties of Hamilton, Hancock, Hendricks and Marion counties. The heartbeat of our mission is bringing people together, so thank you for coming alongside the individuals and families in 2021 who are going to purchase their home to start building a future of wealth.

Jim Morris
President & CEO
Greater Indy Habitat for Humanity