Print pageRelease date: 7/9/2020
Contact:
Kelsey Stone, Lyons PR
301-583-5168
[email protected]
Kelly Alexander, NeighborWorks America
[email protected]
Media Advisory
New survey indicates major housing implications from current financial challenges
- NeighborWorks America survey reveals economic hardships changing the way we live — uptick in shared housing and delayed home buying.
- Disparity in homeownership continues to grow; Only 40% of Black people own homes according to survey
- New details on partnership to help mitigate current economic impacts and scam prevention
WHAT: Telephone interviews available, 5- to 8-minutes each
WHEN: Thursday, July 16, 2020; 8-11 a.m. ET
HOW: Contact Kelsey Stone at Lyons PR to schedule an interview window 301-583-5168 or [email protected]
WHY: A new study from NeighborWorks America examining Americans' housing and personal finance feelings and behaviors revealed what the economic damage caused by COVID-19 has shown around the country — that a significant share of the American public is vulnerable or underequipped to handle financial challenges, a reality that prevents many from making progress towards longer-term financial and housing goals.
NeighborWorks knows from decades of experience in helping communities thrive that home ownership is vital to building and sustaining communities and neighborhoods. The infrastructure of a community destabilizes without "neighbor helping neighbor" support systems that result from sustainable home ownership. Social, mental, fiscal security and foundation are important to all Americans and especially to underrepresented populations.
The new survey shows that as a result of financial challenges and concerns, close to one in ten Americans has moved in with others, one in ten has found others to live with them, and three in ten have delayed progress toward finding a new home.
These financial challenges and concerns have had outsized impact on racial and ethnic minority communities. In particular, 44% of Black individuals have delayed steps toward owning a home, delayed looking for information on housing options, or delayed moving into a place of their own. (Compare to 29% of overall population.)
Further, just half of Americans feel very secure in their current housing situations. Certain groups are even less likely to feel very secure including non-homeowners, lower-income households, and Black and Hispanic or Latino individuals. Less than half of Americans say their home is affordable.
The survey also found that most Americans are focused primarily on immediate financial concerns like everyday expenses and paying down debt, at the expense of saving for the future. A significant share has little to no emergency savings, and many lack basic financial resources like savings accounts or credit cards. This is especially true for Black, young, and lower-income individuals. Reasons range from lack of trust or information to tangible obstacles like rejections or lack of nearby banks. Households earning under $30,000 are also far less likely to have important financial tools like credit cards (39% vs. 68% overall), savings accounts (41% vs. 61%), or checking accounts (66% vs. 80%).
About NeighborWorks America
For more than 40 years, Neighborhood Reinvestment Corp., a national, nonpartisan nonprofit known as NeighborWorks America, has strived to make every community a place of opportunity. Our network of excellence includes more than 240 members in every state, the District of Columbia and Puerto Rico. NeighborWorks America offers grant funding, peer-exchange, technical assistance, evaluation tools and access to training, as the nation's leading trainer of housing and community development professionals. NeighborWorks network organizations provide residents in their communities with affordable homes, owned and rented; financial counseling and coaching; community building through resident engagement; and collaboration in the areas of health, employment and education. In the last five years, our organizations have generated more than $40.2 billion in investment across the country.
