Compare Contrast Home And Home Rent

For the past fifty years the shift from meeting the housing needs of the poor through government projects-based housing to a more individual approach, has been slowly implemented. Housing vouchers now enable underprivileged populations to move from high-poverty, segregated neighborhoods to more un-segregated, low-poverty neighborhoods. Low-poverty neighborhoods have less crime, better opportunities for employment, and more diverse schooling options. Some housing advocates however, contend that housing assistance is unnecessary and is an income subsidy that should be combined with other social safety nets (Clark, W. 2008).

The insights will be designed as teasers for people go for a deeper dive into the numbers, and extract their own insights. In order to select these insights, Penngood will align with a statistician to mine the data to pull out stories pertinent to each audience, as well as those that have universal interest. We will strive to make relevant connections between data points and economics, cultural, and social trends, as well as drilling down into specific audiences (eg generations, market-specific, first time homeowners) to show the broad capabilities of the dataset.

In Cape Cod, the raising rents for apartments and houses are driving the working class into motels, where they could be paying $880 a month for a room in the winter season but $1,440 a month during the summer (tourist season). The apartmentguide.com describes the winter to be the best time of the year to move, because most peoples bank accounts would be low due to the holiday season, and the demand for apartments are lower since fewer tenants decide to move. Rent is especially difficult for the elderly, since 30 percent of them use half of their income on housing, according to theatlantic.com. The average homeowner over the age of 65 has enough money to afford 42 months of care in a nursing home, whereas the average renter over the age of 65 wouldn't have enough wealth to cover even one

Affordable housing: Rental housing or property that costs no more than 30% of one’s income. This is the long-established criterion for housing affordability (Joint Center for Housing Studies of Harvard University, 2013).

Housing in America really isn’t what it used to be. With prices getting very high, people have found themselves moving and relocating more quickly. Statistics have shown that 35% of Americans have moved at least once in the last 5 years (meaning that in the last 60 months, over 100 thousand people had to fill the change of address forms) and the truth is that the number doesn’t seem to be reducing. Moving in America has always been on the rise as people have been on the constant search for more opportunities and greener pastures; better jobs, better housing and living conditions, improved ways of life, etc. Job related factors have always been the most frequent and common reasons

The two most important variables that influenced their decision were crime level and educational quality. It was also determined that neighborhoods with a large population of Asian or Hispanic residents did not affect the respondent’s likelihood of purchasing a home. However, given a population of more black residents in the neighborhood, there was a negative effect on the respondents’ decision, although educational quality, crime rate, and housing value still remained important factors. When respondents were told the racial composition was 15% black or less, one-quarter of whites said they would be very likely to buy the house, but when the percentage increased to 65% or more, virtually no whites said they would be very likely to buy the house. It is important to note the study also found that the higher the percentage of nonwhites in the respondent’s fiend group, the more likely they were to buy a house with a higher percentage of minorities. Another important finding of the experiment is the increased negative effect of an increasing population of blacks when the respondent had a child under 18, as opposed to when others did

The cost of living in the area is less than the national average and home prices and rental rates are reasonable. The average rent per month is near $900 while home prices are under $300,000 on average.

The Fair Housing Act impacts all family functions from single to two parent households. The policy affects any family that is seeking to purchase or rent housing. However, there are exemptions to the act for multifamily units referred to as Mrs. Murphy exemption (Powell, 2009). The exemption states that if a dwelling has four or fewer rental units and the owner lives in one of those units, that home is exempt from the FHA. In addition, the economic characteristics of families that are greatly affected by this policy are those in poverty. After the passing of FHA, “the poverty rate rose between 1999 and 2005, in the nation's 100 largest metro areas (which encompass two-thirds of the U.S. population), poverty rates rose by 52[%] for residents living below the poverty line. This was the first time in modern history that more poor people are in the suburbs than the city” (Powell, 2009, p.148).

Today it is a blossoming family community; a third of its families have children under the age of 18 according to Wikipedia estimates. Cost of living is slightly high with the average home price exceeding $300,000 and the average monthly rent at just over $1,300. Even so, this up and coming community is a peaceful and safe place to raise a family.

Although Republicans showed the lowest level of support for the measure initially, support from this group was 10 points higher at the end of the survey. A second potential target audience is men. The percentage of men who said they were likely to vote yes was 8 points higher at the end of the survey. While those 18-34 had one of the highest levels of support for the affordable housing measure, those 35 and older were much less likely to say they were voting yes. However, based on their answers to Q14, those 35-49 and those 50-64 would be good target audiences. The yes vote among 35-49-year-olds was 10 points higher at the end of the survey and the yes vote among 50-65-year-olds was 11 points higher at the end of the survey. Two final demographics that appeared to be influenced by the survey questions were those who make $50,000-$75,000 and those who make more than $75,000. Support from those with an income of $50,000-$75,000 was nine points higher at the end of the survey. While support from those who make $75,000+ was ten points higher at the end of the survey. Targeting these groups with messages identified from the survey may increase support for the measure, adding to the already strong support from Democrats and 18-34-year-

The tables in the text make it clear that there is a large gap between the minority population and the general population in regard to knowledge and education about the housing market. Housing discrimination and unethical lending practices are at the root of this problem. Housing and communities remain segregated despite all of the progress America has made since the Civil Rights Movement. Minorities are more likely to live in low income communities and also suffer the side effects of poverty such as a lack of education and job opportunities (Fight Poverty, 2012).

While the nation tirelessly debates the state of immigration in this country, far less attention has been devoted to migrations within the country and the implications it has on affordable housing policy. Residential mobility is one of the primary factors in measuring housing stability, and it often has crucial ramification on housing policy, research, and service orientations that address a multitude of issues ranging from neighborhood poverty to racial discrimination. While residential mobility is widespread across the economic spectrum, low-income families have consistently been shown to move more frequently (Coulton, Theodos, Turner 56). Frequent or involuntary residential mobility can have an array of consequences for families, including disruption of employment, interference with the educational attainment of children, and interruptions within social networks (Crowley et al. 56). With approximately 26 percent of children living with a single parent today, and an estimated 31 percent of single parent households living under the poverty line (census), the research in this paper will examine the relationship between single motherhood and residential mobility as a measure of housing stability. (Horowitz, Parker, Rohal 7)

The empirical results show that different age groups have different residential location preferences. As shown in Table 1, the access to employment is statistically significant and positive in Groups 1 (age 30 or less) and 3 (age over 51), but

A rent-to-own agreement is not without its costs. The monthly rental amount will be slightly inflated, in order to set aside credits each month toward the buyer’s down payment. In addition, there is an option fee the buyer must pay to the seller, which is used toward the down payment if the buyer chooses to buy the home at the end of the rent-to-own agreement. If the buyer chooses to not purchase the home, the option fee is forfeited by the buyer. So with a $100,000 home, the monthly rent might normally be $500/month. With a rent-to-own agreement, $600/month might be charged for rent, with the additional $100/month going toward the buyer’s down payment credit. The option fee may be around $2,500, and is based on a percentage of the home’s

Whereas a renter could expect to pay $267,750, figuring an average of 2% increase per year on rental fee, over the same time. Either way the homeowner or renter pays roughly the same amount at the end of 30 when all costs are taken into account. The renter just does not have to deal with the headaches associated with owning a home.