Owning a home offers stability and sustainability. Renters may not know where they will live from year to year; ownership delivers permanence. Tenants can’t control rising rents; a fixed-rate mortgage stabilizes monthly housing expenses.
Homeownership builds both wealth and community, too. Homeowners enjoy a median net worth 44 times the wealth of renters ($230,000 vs. $5,200), says the Federal Reserve Board, much of that tied to the equity in their homes. Owners are more engaged in schools, youth activities and civic organizations because they hold a stake in their neighborhoods.
But too many in our region are being shortchanged because there are too few homes for them to own. For the good of Milwaukee, we need more homes and more homeowners.