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Small-Dollar Mortgages Can Increase Affordable Housing Options
FRB of St. Louis 2022.09.08 원문보기
First-time buyers and lower-income households often purchase low-cost properties as an entry point into homeownership. Improved access to mortgage credit to finance low-cost properties could help lower-income households increase their housing stability and build equity and inter-generational wealth.

With rent prices soaring and an undersupply of affordable rental units, there are opportunities for alternative pathways to affordable housing for lower-income households to be considered.

Affordable housing is not a new issue. In 2019, about 46% of renters spent one-third of their income (PDF) on rent and utilities. Even more concerning, 24% spent more than half of their income on housing and were considered severely cost-burdened.

A common misperception about homeownership is that it is not as affordable for lower-income households as renting. Actually, in 58% of U.S. counties, buying a home is more affordable than renting, according to a January 2022 report from real estate data company ATTOM Data Solutions.
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