REALTOR® Party News

Expanding Homeownership

June 2022

June is Homeownership Month, and NAR is sharing how REALTORS® help the millions of Americans who aspire to join the nation’s 83 million property owners.

Homeownership builds financial security. The net worth of a typical homeowner is nearly 40 times the net worth of a non-owner. The total value of owner-occupied housing rose by $8.2 trillion in the last decade, and the typical homeowner has accumulated more than $200,000 in housing wealth due to price appreciation.

However, a historic 50-year record shortage of affordable homes available for purchase has restricted access to the residential real estate market. Coupled with mortgage rate spikes and rising home prices, homeownership opportunities are limited for many middle-class, first-time, and first-generation homebuyers.

To help more people reap the benefits of homeownership, we must first pursue solutions to increase housing supply. That’s why NAR was among the first to sound the alarm on our country’s severe housing shortage.

Last year, we commissioned a report that showed the U.S. is 5.5 million housing units short – a gap so large, it would take more than a decade to dig out of, even with accelerated new construction. A historic shortage of this magnitude requires a once-in-a-generation response. NAR continues to advocate for comprehensive actions that include zoning reform, money for new construction, expanded financing options, and tax incentives to spur investment, convert unused commercial spaces to residential, and increase the number of construction workers.

NAR is also working closely with the Biden administration, Congress, and state and local leaders on solutions to increase homeownership opportunities in America.

In March, the White House included a historic funding request for affordable housing in its fiscal year 2023 budget.

In May, thousands of REALTORS® descended on Washington, D.C., and hand-delivered to Congress a comprehensive list of actions they can take to address the housing shortage. About two weeks later, President Biden released a housing supply action plan.

Last week, the White House issued a Homeownership Month proclamation affirming the importance of expanding access to safe, affordable housing. The Department of Housing and Urban Development (HUD) also announced its “Our Way Home” initiative to connect communities across the country with the resources needed to combat the nation’s housing supply shortage.

Additionally, we’re collaborating with industry partners on a wide array of initiatives to expand homeownership.

NAR is a founding member of the Black Homeownership Collaborative and supports the 3by30 initiative, with the goal of adding three million net new Black homeowners by 2030.

In late May, NAR also co-hosted a policy forum with the Urban Institute focused on reforms that can open the door to more homeowners.

To help REALTORS® get more involved in expanding homeownership, NAR launched a new Homeownership Month landing page that gathers our policy priorities, research, and resources in one place. It includes links to REALTOR® Party grants and programs, social media graphics, and other assets you can use throughout June and beyond.

Every family deserves to have the opportunity to reap the benefits of homeownership – from building generational wealth to building memories for years to come. Together, we can make the American Dream of homeownership accessible to all.


  1. REPLY
    Miriam R. Johnson says

    How can I be apart of this Fantastic Committee. What I have noticed -the First Time Home Buyers don’t stand a chance in the Market we are in. I have some ideals to help with Affordable Homes. Home Buyer Classes, plans to help the Self Employed restructure the way they are paying their taxes and reporting their earning so, that they will have an advantage to purchasing their dream home. I feel that I really understand the needs and concerns of first time home buyers and I can add a great deal of value to the need of others.

  2. REPLY
    F16JetJock says

    Hmm? I recall the last time this noble intent to expand home-ownership was tried was in the early 2000s. The result, as most of we older Realtors remember, is the Recession/Depression of 2007 to 2014. However, nationwide for we independent residential home-builders, it was a Depression that resulted in billions of $ of losses in working-capital and family-estate wealth. Indeed, Chapter 11 attorneys made a killing with their $50K retainers! Unfortunately, we had no recourse because the facilitators, namely the Fed, The Executive and the Legislature, cannot be sued for economic damages nor for anything else.

    • REPLY
      KaRock777 says

      I’m glad I’m not the only who remembers those days, that was a disaster, created by government, and if history repeats itself we’ll be right back there in no time.

  3. REPLY
    Pamela J Young says

    Homeownership has ALWAYS been the American DREAM. Every family DOES deserves to have an opportunity to reap the benefits of homeownership. Together we can make the American Dream of homeownership accessible to ALL.

  4. REPLY
    Steven Kinard says

    I decided 30 years ago that I wanted to help buyers and sellers in real estate. Never did I think that this industry would let huge Investment Firms buy real estate on the same level as a typical buyer. There should be a rule of thumb that Investors can make offers on homes after being on the market for 45 days or more. This gives the typical buyers a chance to compete with other buyers obtaining a loan.

    • REPLY
      Cindy Lewis says

      Strongly agree Steven, and there also needs to be a limit to the number of SFR that investors can purchase/build in a neighborhood.

      • REPLY
        Patti Schlegel says

        I 100% agree with investors waiting 45 days. I have 10 clients right now that can’t afford over $115k and get crushed by investors that go in, fix up, and resell but now out of these home buyers price range.

  5. REPLY
    E Brandt says

    About time! I welcome this NAR initiative, drastic change is required. During the last four decades, federal monetary and tax policies have been fully placed to the advantage of the asset-owning class, it has inflated homes and investment values every time the market tried to correct the excesses and allowed us (owners) to keep most of those created gains. Even at a local level, it was a rare municipality that truly focused on affordable housing, the preference, by almost all, was to cater to developers of higher-priced properties seeking to attract the asset owners ready to trade. So the sad statistic you post: “The net worth of a typical homeowner is nearly 40 times the net worth of a non-owner” shouldn’t surprise anyone, government policy made it so, but in the process, we’ve made it much harder for the young, for the poor, even for the middle class to afford our ever more expensive homes. Existing homeowners benefited from higher home prices, but as a society, we owe to the next generation, and to anyone who aspires to own, to fix the mess. Initiatives that create opportunities for affordable housing require more funding allocated for that purpose, but also more flexibility in zoning and density requirements, as well as changes in the monetary and fiscal policies of the last four decades that kept inflating values. It’ll rattle those who came to take them for granted, but those governmental decisions of created major societal and generational imbalances, and it’s necessary to correct them. NAR should be part of the initiative because realtors work the front lines, and see up close the historic difficulties many buyers and renters are having with housing.

  6. REPLY
    Steven Kinard says

    Homeownership is becoming more and extinct. We need to filter big Investors out of the equation by allowing a 45 day waiting period for Investors to buy homes that just come available on the market. This will allow buyers to compete with other buyers securing a loan. This is the model that HUD has to keep Investors from competing with the typical buyer. If Investor’s keep buying then eventually they will corner the market to rent to all that can’t compete with buying a home. This is sad.

  7. REPLY
    Twala Lockett-Jones says

    Education is Key to increasing Black Homeownership! I just authored my first book titled “Princess Mackie Buys a House” to introduce the concept of home ownership to 3rd to 5th grade black and brown girls because I noticed children’s literature is sorely lacking in the area of real estate and homeownership. My book is among the first children’s books about real estate.
    The story follows Princess Mackie, a young girl, and her mother through their home-buying journey. Through this story, children and adults will gain a better understanding of the path to homeownership. It is imperative to plant seeds of home ownership early and often, so that children can understand this as a true possibility for them in the future.
    The book has generated interest from libraries, schools, Realtors and financial institutions. I also started a “40.40.40 Personal Challenge” to help 40 families of color under 40 years old become homeowners within 40 months in my hometown of Kalamazoo, Michigan to reduce the black homeownership gap.

  8. REPLY
    Jessica Elizabeth Perry says

    I am new to RE so I have not had any sales yet (I am not going to lie- I am NOT good at marketing myself 😮‍💨 lol). Anyway, even with me working a full-time job- the Only way we will be able to afford a down payment rn is when I help with the sale of a home… And Even the first few commissions will be spent on bills, I am sure, before we feel comfortable with actually putting a real dent in savings toward a down payment. In other words- Idk how people do it otherwise. It is insanely difficult to find an affordable home… Or to make enough $ to afford one…

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