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Thought Leadership Sustainable Communities

NeighborWorks America to release 2020 Housing Affordability and Financial Capability Survey

ANDPI
Smiling Family Carrying Boxes Into New Home On Moving Day

By Atlanta Neighborhood Development Partnership, Inc., (ANDPI)

NeighborWorks® America, the nation’s leading network of nonprofit community development organizations, is set to release its expanded annual housing and financial capability survey on Thursday, July 16.

The 2019 survey found that vast majority of Americans say owning a home increases financial stability, but when it comes to priorities, minorities are more concerned about meeting everyday obligations, bills and paying off debt than putting away funds for a home down payment.

Last year’s survey findings include:

  • Overall, black and Hispanic people report more vulnerability and less cash on hand than whites.
  • 21% of black people said their most important financial goal for 2019 is to pay bills and everyday expenses, with 6% ranking saving for a home as their number one financial goal.
  • Among Hispanic people, 20% said paying down credit card debt is their top financial goal for 2019. Eight percent ranked saving for a down payment to buy a home as most important.
  • Eight out of ten Americans are unaware of any programs that provide information about the home buying process.
  • 60 percent of black and Hispanic people say they would be interested in financial planning classes that would help them improve their financial situation compared to 46 percent of all U.S. adults.

The 2020 survey to be released later this week was taken in May and will capture the pulse of Americans in light of overlapping crises of the pandemic and the heightened national conversation on racial injustice and inequity.

Atlanta Neighborhood Development Partnership, Inc. (ANDP) is part of the national NeighborWorks network, an affiliation of nearly 250 nonprofit organizations located in every state, the District of Columbia, and Puerto Rico. In fiscal year 2019, the NeighborWorks network provided 457,200 housing and counseling services; owned and managed 173,700 rental homes, and created 47,100 jobs. In the last five years, NeighborWorks network organizations have generated more than $34 billion in investment across the country.

The NeighborWorks network was founded and is supported by NeighborWorks America, which creates opportunities for people to live in affordable homes, improve their lives, and strengthen their communities.  More online at www.neighborworks.org.

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