According to the most recent Survey of Consumer Finances, homeowners are afforded almost 40 times the household wealth compared to that of renters. The wealth building significance of owning a home has historically bypassed renters completely. In the U.S., the highest percentage of renters can be found in the East Coast, with Newark, New Jersey ranking the highest. In large part due to lack of housing availability and affordability, many of our cities in the New York tri state region predominantly represent renter’s housing markets. For example*:
78% of Newark residents are renters
74% of New Haven residents are renters
71 % of Hartford residents are renters
69 % of New York residents are renters
As barriers to affordable and sustainable housing persist, from high mortgage rates to low housing stock, we need to find viable ways to create housing opportunities in our communities among families living on low and moderate incomes. Furthermore, as renters’ payments are often stabilizing for properties, it is imperative that we find ways to acknowledge and account for this wealth in new ways.
On September 26, 2024 Asset Funders Network held a webinar where we explored regional models of increasing affordability, reducing evictions, and adding to community stability, all while still delivering a return and/or dividend to renters.
*Based on data from the U.S. Census Bureau
Speakers
Zoila Jennings, Impact Investment Lead, RWJF (moderator)
Markita Morris Louis, CEO, Compass Working Capital
Steven Brown, Director of Insights and Evidence, Aspen FSP
Rob Bachmann, Senior Director of Capital Originations, Enterprise
Thank you to our partner
Presenter Shared Resources:
Rent-to-Save Pilot in Cambridge, MA
Compass Working Capital
Enterprise
Aspen Institute
$250M Renter Wealth Creation Fund Closes First $47M Round, Taps Into Underused Asset Margins For New Model To “Turn Rent Into Wealth”
