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MarketWatch: Budgeting tips for new homeowners

MarketWatch, March 31, 2022, Budgeting tips for new homeowners

The Housing Counseling Network at the National Community Reinvestment Coalition (NCRC) is a HUD-approved collective of agencies made up of mortgage advisers offering guidance on budgeting, credit, financial management and savings techniques. Its director, Ibijoke Akinbowale, recommends planning to spend 1%–2% of your home’s purchase price in ongoing costs for maintenance each year. However, if your home is older or in poor repair, the percentage could be higher.

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Redlining and Neighborhood Health

Before the pandemic devastated minority communities, banks and government officials starved them of capital.

Lower-income and minority neighborhoods that were intentionally cut off from lending and investment decades ago today suffer not only from reduced wealth and greater poverty, but from lower life expectancy and higher prevalence of chronic diseases that are risk factors for poor outcomes from COVID-19, a new study shows.

The new study, from the National Community Reinvestment Coalition (NCRC) with researchers from the University of Wisconsin–Milwaukee Joseph J. Zilber School of Public Health and the University of Richmond’s Digital Scholarship Lab, compared 1930’s maps of government-sanctioned lending discrimination zones with current census and public health data.

Table of Content

  • Executive Summary
  • Introduction
  • Redlining, the HOLC Maps and Segregation
  • Segregation, Public Health and COVID-19
  • Methods
  • Results
  • Discussion
  • Conclusion and Policy Recommendations
  • Citations
  • Appendix

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