June is National Home Ownership Month, and Silverton Mortgage, a leading direct mortgage lender, seeks to spread the message that homeownership is for everyone while helping this American dream come true.
said Josh Moffitt, CEO of Silverton Mortgage. “As a company, we are committed to providing loans to families and helping everyone begin and complete their journey to owning a home of their own.”
This national spotlight on homeownership began as a weeklong confession in 1995 and was first announced to run for the entire month in June 2002 under former President George W. Bush. In 2022, the Biden-Harris administration has made an all-out effort to close the housing supply shortage and continues to take action to address the barriers families face in the housing market today through the U.S. Department of Housing and Urban Development (HUD).
Silverton is celebrating Homeownership Month with a focus on how different generations, races, genders and other demographics are approaching homeownership in the post-pandemic market.
“We understand that home loans are as diverse as the people who seek them, and we work closely with borrowers to find the right program to fit their unique needs,” said Dan Dadon, President. “Our goal is to advise our clients to ensure they understand the ins and outs of the mortgage process and to make it as easy as possible for them to achieve their dreams.”
According to the National Association of Realtors®, millennials (ages 23-41) continued to make up the largest share of buyers in 2022 and have been the dominant buying group since 2014. The typical first-time buyer was 36 this year , up from 33 last year, which may be a reflection of the current market and lack of affordability. New entrants to the housing market are Generation Z (those between the ages of 18 and 22) who will make up just 2 percent of buyers and sellers in 2022. While their sample is too small to amass unique properties, it does show that a new generation is interested in home ownership. He is sure to make an even bigger impact in the future.
The NAR report also reflects that traditional family dynamics are undergoing a major shift. While the majority of buyers remain married, 17 percent were single females, 9 percent were single males, and 10 percent were single couples. This is the highest recorded percentage of unmarried couples. We’re also seeing an uptick in buyers who don’t identify as heterosexual, which was up to 9 percent this year.
First time buyers made up 26 percent of all homebuyers in 2022, down significantly from the previous year’s 34 percent. There are still common myths that keep many from pursuing home ownership, the biggest being that a 20% down payment is required. This amount may seem insurmountable to many young buyers trying to save up for a down payment. However, there are a lot of low and no repayment programs available to both first time homebuyers and homebuyers.
Home ownership for all means doing the work to make home loans affordable in underprivileged communities. Silverton does this by collaborating with state agencies and strategic partnerships in both the public and private sectors to offer down payment assistance programs and educational resources to assist first-time homebuyers. The company is committed to making real and lasting change in all the communities it serves, supporting programs such as the Metro Atlanta Chamber’s (MAC) ATL Action for Racial Equity, a multi-year, multi-step plan of action designed to help address the ongoing situation. The effects of systemic racism affecting the city’s black community.
The bottom line is that homeownership is not an unattainable goal. Regardless of age, race, gender, or sexual orientation, home ownership should be affordable for everyone,” said Moffitt.