New Habitat Campaign Aims to Improve Maui Home AffordabilityJune 10, 2019, 11:23 AM HST · Updated June 11, 12:36 PM 0 Comments
Habitat for Humanity Maui aims to improve home affordability in Maui County through a new national Cost of Home advocacy campaign.
According to Habitat, nearly 19 million households across the US are spending at least half of their income on a place to live, often forgoing basic necessities such as food and health care to make ends meet.
In Maui County, the median home price rose to $819,500 in April of 2019. The Realtors Association of Maui reports that the median price of a single family home year-to-date (as of April) is $750,000, up +9% from the 2018 YTD figure, when the median was $688,013.
Hawaiʻi was recently rated as the most expensive state to live by CNBC. The primary factor in cost of living in Hawaiʻi is housing.
On Wednesday, Habitat for Humanity Maui joined Habitat organizations across the country to launch a new national advocacy campaign aimed at improving home affordability for 10 million people in the US over the next five years.
The Cost of Home campaign seeks to identify and improve policies and systems through coordinated advocacy efforts at the local, state and federal levels.
The program focuses on four specific policy areas: increasing supply and preservation of affordable homes, equitably increasing access to credit, optimizing land use for affordable homes, and ensuring access to and development of communities of opportunity.
Habitat for Humanity Maui already has taken several steps toward these goals.
- Habitat for Humanity Maui sells affordable homes to low income families at a no interest and no profit basis.
- The organization serves families that are between 25% and 80% of the median income for Maui County and works towards ensuring that families are not paying more than 30% of their household income towards housing cost.
- Families are required to attend Homeowner Education Classes, budget counseling and credit counseling.
- The organization’s HUD certified pre-purchase workshop and financial education classes are designed to equip the families with the essential knowledge that will empower clients to be successful homeowners.
According to the organization, Habitat for Humanity Maui believes that through shelter it can build strength and stability for families and the community.