“This month, we recommit to ensuring that hard-working Americans enjoy a fair chance at becoming homeowners,” President Trump in his proclamation of June 2017 as National Homeownership Month.
The President declared June as National Homeownership Month and his commitment to helping Americans become homeowners. In his public declaration posted by the White House, the President recognized that homeownership is an essential element in achieving the American Dream and outlined a pro-growth agenda to make that happen.
Challenges to Homeownership
“Homeownership is often the foundation of security and prosperity for families and communities and an enduring symbol of American freedom,” President Trump said. But as his declaration pointed out, there are challenges to this dream becoming a reality for several Americans.
First off, the POTUS recounted how the national homeownership rate has declined and reached historic lows since the Great Recession. This can be confirmed by the U.S. Census Bureau which put the most recent quarterly homeownership rate (1Q17) at 63.6% from the same period in 2008 of 67.8%.
He then noted the lack of confidence shared by many Americans on their ever owning a home, attributing this as a “tragic consequence of a decade of weak economic growth, excessive regulations, and stagnant wages.”
Young families were not able to achieve independence, he said, due to difficulty in saving for a down payment, overcoming regulatory burdens, or gaining access to adequate credit.
“These challenges are even more pronounced for minorities, whose homeownership rates remain substantially below those of their fellow Americans,” he was quoted as saying.
Plan of Action
“I am committed to helping hard-working Americans become homeowners,” President Trump said in the midst of challenges confronting today’s homebuyers.
“As part of my Administration’s plan to strengthen the middle class and the American housing market, I am working with the Congress on a pro-growth agenda of reducing rules and regulations, cutting taxes, and eliminating unnecessary government spending,” he revealed.
“These policies will unshackle our economy and create and sustain high-paying jobs so that more Americans have the resources and freedom they deserve to fulfill their American Dream,” he concluded.
Homeownership in Rural America
In a separate statement, the USDA Rural Development is celebrating the National Homeownership Month emphasizing the vital role homeownership plays in rural America.
Since the passage of the National Housing Act, the USDA has helped 4.1 million rural residents buy and own homes. In 2016 alone, the Department has helped 116,000 rural families and individuals access financing to buy homes.
Justin McHood is a managing partner at Suited Connector and has been recognized by national media outlets as a financial expert for more than a decade.
