THE PROBLEM: Philadelphia housing prices rose an average of 13% in 2020. 43.3 percent of all Philadelphians are cost-burdened and spend more than 30 percent of income on housing. The average rent for a two-bedroom apartment is $975, which means a family needs to earn $39,000 a year to afford it and the median renter-occupied household income is only $28,463. Our workforce cannot afford to live here, and housing issues are pushing families deeper into poverty.
The racial wealth gap is significant, too. Housing issues disproportionately affect women and
people of color. The median household income for white families in Philadelphia is $52,500. For black families, median household income is only $30,872.
THE SOLUTION: Together, we build equity by leveling the playing field for under-served families and overlooked neighborhoods. Through our program, families build financial equity through obtaining or preserving a family asset. Families in our Homeownership Program earn between 30 and 60 percent of the Area Median Income, meaning they are unlikely to qualify for mortgages outside our program. The 30-year, affordable mortgage provided by Habitat ensures that families can build wealth without the forced trade-offs that high rent imposes.
YOUR INVESTMENT: Supports the construction and repair of healthy, affordable homes, builds generational wealth, closes the racial wealth gap and advocates for affordable housing.Make Your Gift