Rent prices just hit an all-time high. According to the U.S. Census Bureau, the nationwide median asking rent surpassed $1,000 for the first time ever. That’s actually an increase of nearly 10% in just one year – when rents checked in at $912. For people in the northeast, where rents are among the highest in the country, the median asking rent rose to $1,210. Everyone should be able to afford a roof over their head, but for low-middle income people ‘affordable housing’ is a serious problem.
In the time being, what can be done to ensure that people with low-moderate incomes can afford housing? One solution is homeownership. Unfortunately, according to Census data, the nationwide median asking sales price for a home rose to $206,400, which marks the first time that the figure has crossed $200,000. Whether low-middle income people try to rent or own their home, they encounter serious affordability problems – something significant must be done. ‘Address Yourself” is bent on addressing the affordable housing crisis, so we’re working to bridge the housing divide in New Jersey. Our program brings together multiple non-profit partners, and together we educate, finance, and enable working families and individuals to secure affordable, sustainable homeownership.
Rent prices are rising, home prices are also rising, low-moderate income families are struggling to get by but, thanks to our Address Yourself program securing affordable, and sustainable homeownership is now an option. We’re making it possible for people with low-moderate incomes to also enjoy the benefits of rising home prices. Getting started with Address Yourself is really simple – just give us a call and we’ll sign you up. Once you’re on board, the first thing we’ll do is get you housing counseling. Our expert counselors carefully review your finances, and create a customized action plan that gets you credit ready, reduces your debt, and helps you budget for sustainable homeownership. Next, our credit union partners will review your budget and get you sustainable mortgage deal with affordable monthly payments.
If you’re already looking to purchase in New Jersey, somewhere in the nine coastal counties (Atlantic County, Bergen County, Cape May County, Essex County, Hudson County, Middlesex County, Monmouth County, Ocean County, and Union County) you may have access to up to $10,000 in down payment assistance to put you and your family in the house that fits you. If you’re a veteran looking to purchase a home in Hudson County, ask us about our special program – which offers up to $15,000 for qualified veterans looking to purchase homes in Hudson County.
If not, we still encourage you to call 732-640-2061 ext.310 or ext.116 to discuss your homeownership goals. Alternatively, fill out this online form (here) to submit your contact information and schedule a call with our Address Yourself team. We promise to get you the right support, and soon enough you’ll be able to Address Yourself.