By Julie Gugin
Executive Director
Minnesota Home Ownership Center
ST CLOUD TIMES
Saturday, June 6, 2009
This letter regarding today's housing market is printed in today's ST CLOUD TIMES and repeated, in brief, below.The benefits of foreclosure prevention services are proven and documented. But to be successful in the long run, we must shift our thinking from viewing home ownership as a means of short-term financial gain, to reinforcing it as the basis of stability, community and growth for our local economies, families and schools. We need to reaffirm the true benefits of home ownership:
- High home ownership rates within a neighborhood increase the presence and diversity of local businesses, according to a stud by the Bipartisan Millennial Housing Commission.
- Home ownership has also been shown to lead to decreased crime rates and increased private investment in communities.
- And the children of homeowners have been shown to perform better in school and attend college at a greater rate than the children of renters, even when accounting for income differences.
A home is undoubtedly one of the greatest investments that many families will make, but these outcomes illustrate a greater value of home ownership for Minnesota that has often gone unnoticed in recent years.
A vision of successful home ownership is achievable.
It requires: the attentive prevention of foreclosures, as is currently under way in Minnesota; the education of homeowners sot hey understand their purchases--benefits and liabilities--before securing a mortgage and buying a home; credit counseling to facilitate success even during times of hardship; and a shared commitment from policymakers and the home ownership industry to ensure that we are sustaining stable home ownership and communities in Minnesota.
The mortgage crisis has illuminated flaws in the system of valuing home ownership as a strictly monetary investment, but it does not diminish the true value that home ownership contributes to our families and communities.
As Minnesota leaders contemplate the future of housing in our state, we must also restore our values in home ownership in order to build a state of successful communities for our future.
Julie Gugin is the executive director of the Minnesota Home Ownership Center, a statewide nonprofit dedicated to supporting and sustaining successful home ownership.
View Julie Gugin's letter in its entirety at: "Your Turn: Look Closely and You'll See Home Market Improvements."
