young boy with cerebral palsy in wheelchair assisting his mom with laundry in front yard

Home Ownership: It May Be Within Your Reach

In Featured, Financial Resources, News by Anna Gouker

Owning a home is a dream that seems out of reach for many people, especially people with disabilities with low incomes. The good news is that there are a number of resources available to support low-and-moderate income adults interested in pursuing home ownership to:

  • Budget for home ownership and living expenses
  • Afford a down payment
  • Apply for a mortgage
  • Choose the right home
  • Get an inspection
  • Select homeowners insurance
  • Plan for closing costs

Valuable Local Resources

Local agencies that specialize in assisting people with disabilities and low incomes pursue home ownership are valuable resources. Movin’ Out, a nonprofit organization located in Madison, Wisconsin, is a good example. They provide information and resources covering a wide range of housing options to Wisconsin households that include a family member with a permanent disability.

Movin’ Out invites clients to participate in individual counseling following a 7-hour classroom curriculum. “We want to follow people through the whole process, from beginning to end, and the class helps us do that,” says Sarah Hurley, one of their housing counselors. She works to create long-term solutions for the many challenges of home ownership.

Using a local resource, such as Movin’ Out, is a great way for people to explore home ownership, connect with potential resources, and to prepare for the unexpected.

Want to do Some Research? Look Online

Many sources of information are available online about non-traditional home loans and community funding sources for those who want to do a little research:

A Dream Worth Pursuing

Owning your own home may be a dream worth pursuing, given the recent research showing the benefits of home ownership:

  • A recent survey revealed that “having a good place to raise children, a safe place to live, more space for family, and control over one’s living space” were all mentioned as motives for pursuing home ownership (Fannie Mae).
  • Other benefits include reports of improved physical and mental health (Herbert and Belsky 2008).
  • The advantages to owning a home is further supported by the positive effects on children. Research shows that owning is linked to higher educational attainment, increased earning opportunities, and fewer behavioral challenges (Green & White 1997).

Breaking Ground

Home ownership may seem like it’s an impossible dream, but it may be possible and worth pursuing. If you are someone who is facing what seems like impossible obstacles to the dream life you see for yourself, remember that you are far from the first person to experience this. Pursuing your dream today could lead to you breaking ground in the yard of your new home tomorrow.