According to the most recent Survey of Consumer Finances, homeowners are afforded 40 times the household wealth compared to that of renters: $254,900 for homeowners compared to $6,270 for renters. The wealth building significance of owning a home has historically bypassed renters completely. In the U.S., the highest percentage of renters can be found in the East Coast, with Newark, New Jersey ranking the highest. In large part due to lack of housing availability and affordability, many of our cities in the New York tri state region predominantly represent renter’s housing markets. For example*:
78% of Newark residents are renters
74% of New Haven residents are renters
71 % of Hartford residents are renters
69 % of New York residents are renters
As barriers to affordable and sustainable housing persist, from high mortgage rates to low housing stock, we need to find viable ways to create housing opportunities in our communities among families living on low and moderate incomes. Furthermore, as renters’ payments are often stabilizing for properties, it is imperative that we find ways to acknowledge and account for this wealth in new ways.
Please join Asset Funders Network on September 26, 2024, 1:00-2:30 ET as we explore regional models of increasing affordability, reducing evictions, and adding to community stability, all while still delivering a return and/or dividend to renters.
*Based on data from the U.S. Census Bureau
What will you learn?
- The importance of acknowledging the wealth generated by renters housing market
- Regional models of increasing housing affordability, reducing evictions
- How these models add to community stability while delivering a return and/or dividend to renters
Who should attend?
All interested funders. Please note that this program is designed with a regional focus on Connecticut, New York, and New Jersey. What to expect: presentation followed by Q&A.
How do I sign up?
Registration is required by September 25th.
Members and Non-Member Funders: Please click on the "Register Now" link above. Webinar information will be emailed to you before the webinar.
Please email register@philanthropynewyork.org with any questions.
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