Homeownership as Public Policy: Trends in North Carolina and Beyond

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Creator
  • Basolo, Victoria
    • Affiliation: College of Arts and Sciences, Department of City and Regional Planning
  • Rohe, William M.
    • Affiliation: College of Arts and Sciences, Department of City and Regional Planning
Abstract
  • The importance of homeownership is deeply embedded in our society. Historians, writers, and the average person attribute intrinsic value to owning one's home. Walt Whitman, for example, wrote "A man is not whole and complete. ..unless he owns a house." Society also associates more tangible social and economic benefits with ownership such as enhanced pride in the community and tax advantages. These benefits, however, elude many low- and moderate- income households because they lack the financial resources to purchase a home. Public officials also herald the virtues of homeownership and have developed policies to increase homeownership for low - and moderate-income households. Government assistance for homeownership at the federal level appeared decades ago with the creation of the Federal Housing Administration, and more recently, state and local governments have taken an active role in the promotion of homeownership. Although homeownership policies and programs involve investment of public dollars, strong political support for these policies exists across communities and among levels of government. As a result, there are many publicly-sponsored homeownership programs operating in communities throughout the country. In the rush to jump on the homeownership bandwagon, however, the potential pitfalls of homeownership programs are often overlooked by their sponsors. In addition, program planning may be minimal and evaluation of programs may be completely absent from the process. This article examines the popularity of homeownership and its desirability as a policy outcome in our society. We begin by discussing the homeownership ideology and ownership trends in the United States. Within this discussion, we present the advantages and disadvantages of homeownership for both the individual and society. We then narrow our discussion to homeownership and related policies and programs in North Carolina. We consider the patterns and trends of homeownership, analyze the affordability of ownership for lower-income households, discuss the intergovernmental aspect of homeownership efforts, and consider some of the public and private strategies used to increase homeownership in the State. Next, we highlight homeownership efforts in two North Carolina cities: Charlotte and Durham. Finally, we offer some concluding remarks and recommendations on the development of homeownership policies and programs in local communities.
Date of publication
DOI
Resource type
  • Article
Rights statement
  • In Copyright
Journal title
  • Carolina Planning Journal
Journal volume
  • 20
Journal issue
  • 2
Page start
  • 8
Page end
  • 18
Language
  • English
Digital collection
  • Carolina Planning Journal

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