Habitat Homeowners' Thoughts Related to Financial Stability and Well-Being
Habitat Homeowners feel much more financially stable now than they did before undertaking the Habitat Homeownership process.
When the Habitat Homeowners were asked if they feel more financially stable since going through the Habitat program, the answer was a resounding “YES.”
Yes. I do!”
Yes, 100% sure.”
There were many reasons the families feel more financially stable after becoming Habitat Homeowners. One of them being that before Habitat they were not able to save any money, and now participants have savings. Habitat Homeowner participants no longer feel they must live paycheck to paycheck. Also, families can create better budgeting strategies because they know what they will have to pay each month since the mortgage payment does not fluctuate.
I actually have a chance to save. There is less money going out and it’s helped me work on my credit.”
I would say absolutely because before I was struggling, basically living paycheck to paycheck. With budgeting and making sure my mortgage was paid on time and making sure that the bills were paid, there was no disconnect. Like I said, I finished my education and therefore I can get a better job; all that’s played a role in how successful I was.”
If I didn’t have Habitat we would be in a lot more of a struggle.”
A little more security, financially stable.”
Monthly housing utility costs decreased for many study participants after becoming homeowners through the Habitat process.
Figure 18 illustrates the following:
Before (Pre-) Habitat: The majority (78%) Habitat Homeowner study participants were spending $399 or less of monthly living expenses on household utility costs Pre-Habitat.
After (Post-) Habitat: The majority (70%) Habitat Homeowner study participants were spending $299 or less of monthly living expenses on household utility costs Post-Habitat.
Of all study participants Post-Habitat:
• The highest decreases in household utility costs were for Habitat Homeowners spending below $99, $300 and $349, and $750 or more monthly.
• The largest increases in household utility costs were for Habitat Homeowners spending between $250 - $299 monthly.
Before (Pre-) Habitat: The majority (78%) Habitat Homeowner study participants were spending $399 or less of monthly living expenses on household utility costs Pre-Habitat.
After (Post-) Habitat: The majority (70%) Habitat Homeowner study participants were spending $299 or less of monthly living expenses on household utility costs Post-Habitat.
Of all study participants Post-Habitat:
• The highest decreases in household utility costs were for Habitat Homeowners spending below $99, $300 and $349, and $750 or more monthly.
• The largest increases in household utility costs were for Habitat Homeowners spending between $250 - $299 monthly.
FIGURE 19. Homeowner's Monthly Household Utility Expenses Pre- and Post-Habitat.
Source: Sagamore Institute. Greater Indy Habitat for Humanity Survey Data Analysis SPSS Report (28 July 2017).
Monthly housing costs related to rent/mortgage payments decreased for many study participants after becoming homeowners through the Habitat process.
Figures 19 and 20 illustrate the following:
Before (Pre-) Habitat: Prior to homeownership, 56% of study participants were spending $599 or less of monthly living expenses on household costs related to rent payments (see Figure 21). In comparison, the remaining 44% of study participants were spending $600 or more (see Figure 20).
After (Post-) Habitat: Since becoming Habitat Homeowners, 98% of study participants were spending $599 or less of monthly living expenses on household costs associated with mortgage payments Post- Habitat (see Figure 20). In contrast ONLY 2% of study participants were spending $600 or more (see Figure 22). In addition, less than half of respondents noted public benefits as other sources of income (i.e., Medicaid (19%) and Social Security (16%) benefits) (see Figure 21).
Before (Pre-) Habitat: Prior to homeownership, 56% of study participants were spending $599 or less of monthly living expenses on household costs related to rent payments (see Figure 21). In comparison, the remaining 44% of study participants were spending $600 or more (see Figure 20).
After (Post-) Habitat: Since becoming Habitat Homeowners, 98% of study participants were spending $599 or less of monthly living expenses on household costs associated with mortgage payments Post- Habitat (see Figure 20). In contrast ONLY 2% of study participants were spending $600 or more (see Figure 22). In addition, less than half of respondents noted public benefits as other sources of income (i.e., Medicaid (19%) and Social Security (16%) benefits) (see Figure 21).
Figure 20. Homeowners' Monthly Household Rent/Mortgage Costs Pre- and Post-Habitat
Source: Sagamore Institute. Greater Indy Habitat for Humanity Survey Data Analysis SPSS Report (28 November 2017).
Figure 20. Percent of Homeowners Spending $600 or more on Monthly Household Expenses Pre- and Post-Habitat
Source: Sagamore Institute. Greater Indy Habitat for Humanity Survey Data Analysis SPSS Report (28 November 2017).
In addition, less than half of respondents noted public benefits as other sources of income (i.e., Medicaid (19%) and Social Security (16%) benefits) (see Figures 21)
FIGURE 21. Homeowners Receiving Government Assistance Programs Pre- and Post-Habitat (Currently).
Source: Sagamore Institute. Greater Indy Habitat for Humanity Survey Data Analysis SPSS Report (28 July 2017).