Teacher Next Door Blog

Infographic: Home Ownership Net Worth Comparison
Source: Forbes

Teacher Next Door’s stated mission is to increase home ownership, support community development and increase access to affordable housing, free from discrimination. So why is home ownership so important? The following research from multiple sources speak clearly to the importance of home ownership in America.

KEY FACTS

  • Homeowners net worth, on average, is more than 3,600 percent higher than renters. (Source: Forbes)

  • Children of homeowners are significantly more likely to stay in school until age 17 than children of renters, especially in low-income households, according to a study in the Journal of Urban Economics.

  • Children in home owning families outperform children in renting families in both math and reading achievement tests, even when other factors are the same. These children will have fewer behavioral problems, higher educational attainment and greater future earnings, according to a study by an Ohio State University Ohio State University economist.

  • The graduation rate for children of homeowners is 19 percent higher than for renters, and they are twice as likely to acquire some post secondary education, according to a study in a journal published by the Federal Reserve Bank of New York.

  • A study by the Federal Reserve Bank of Boston of homes with a student about to enter college found that a modest increase in home value for homeowners led to an increase in the child’s earnings later in life, while an increase in a property’s value for renters led to a decrease in the child’s earnings.

A safe, decent, affordable home is like a vaccine,” Dr. Megan Sandel of the Boston University School of Medicine testified to Congress. “It literally prevents disease. A safe home can prevent mental health and developmental problems, a decent home may prevent asthma or lead poisoning, and an affordable home can prevent stunted growth and unnecessary hospitalizations.”


Is Home Ownership Still Affordable?

Home prices have risen sharply over the past twelve months, which of course is why owning your own home represents such a good investment. However, despite the recent rise in prices, finding a home that works within your budget may not be as hard as you think.

In recent months, home prices have stabilized in many markets across the U.S., and even though the Federal Reserve has increased its benchmark interest rate, it was adjusted from near an all-time low, to a more typical level. So, mortgage rates today are still at an affordable level for most buyers and are far below some of the double-digit rates of the past.

Should I Wait to Buy a Home?

It may be tempting to want to wait for home prices or interest rates to drop, but that could prove to be a costly mistake. The fed has promised to boost interest rates again. And according to Steve Parks, National Director of Next Door Programs, “Even though home prices have stabilized, there’s no cliff dive on the horizon. The underlying fundamentals of the market ate still strong.”



“Even though home prices have stabilized, there’s no cliff dive on the horizon. The underlying fundamentals of the market ate still strong.”


The good news is, with the recent change in market conditions, many cash investors, including Zillow, have stopped, or slowed their home buying spree. Inventory has started to increase and there are less instances of purchase offers turning into bidding wars. In fact, Zillow recently announced plans to sell 7,000 homes, and according to Bloomberg, as many as two-thirds were being sold for less than the company paid for them.

So, despite some of the gloomy headlines, there are some tremendous opportunities in this market, and this may be an excellent time to buy. Purchasing a home now, could set you up for success in the future.

What Assistance is Available?

Available in all fifty states and DC, Teacher Next Door and Next Door Programs is the largest national home buying program in the United States, with access to over thirty-five different grant and down payment assistance programs. 

GRANTS

Next Door Programs offers grants of up to $8,000.00. Grants never have to be repaid and may be comprised of any combination of state, Federal and privately funded programs.

Down Payment Assistance

Through Next Door Programs, you could qualify for down payment assistance of up to $10,681.00. Like the grants, the down payment assistance programs may be comprised of any combination of state, Federal and privately funded programs. Most down payment assistance programs require some form of repayment, although some state programs may offer a forgivable loan, after a certain period. (Three years in some cases.) 

Examples:

Through the program, you may be able to qualify for a state-specific government program, such as Arizona Home in Five, California CalPLUS, Colorado FirstStep, Iowa IFA, Nevada NHD Home is Possible, Ohio Your Choice, Texas 5-Star Advantage or Utah UHC. Next Door Programs also utilizes national programs, such as Chenoa Fund, Home Ready and others. When you apply, a Next Door Certified Program Specialist will help you determine which loan and assistance programs will help you receive the maximum benefits and which programs may be combined.

Summary 

While it’s true that home ownership will not solve every problem, home ownership still matters, possibly now more than ever. And with increasing inventory, fewer multiple-offer situations, and a wide variety of home buyer assistance programs, now may be an excellent time to buy. Next Door Programs is proud to help families across the United States realize their dream of becoming homeowners.


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Posted by Teacher Staff on November 8th, 2022 10:18 AM

Thank you to all who took part in our 2021 Next Door Programs, National SOS Drive!  This year we included all our AMAZING First Responders and Nurses, as well as all the FABULOUS Teachers, across this great nation of ours.

Very special shout out to Preferred Realtor Leon McKinney, in Las Vegas, for organizing the SOS Drive in his area!  Thank you for all you do to help others in the community!


Next Door Program Reviews



Posted by Teacher Staff on May 30th, 2021 10:46 AM

Congratulations to happy new homeowner Yamileth with her TND Preferred Realtor Partner Bridget Roberson. We are glad to be part of your journey. Enjoy your new home! Thank you Program Specialist LO Laura Rodriguez and Account Manager Jenny Browne.

Follow the links below for more information on Next Door Program grants and down payment assistance available in your area.


Program Reviews


Posted by Teacher Staff on March 29th, 2021 11:35 AM

Congratulations to the Treme Family of Boston, on your beautiful new home!  Thank you for the kind words in your letter.  Best wishes in the new year!

Program Review:

The home buying process can be extremely overwhelming and stressful especially when you’re a couple buying a home for the first time and in very competitive market that is the greater Boston area. When we found the Teacher Next Door Program, Shannon and I we’re both skeptical at first because on paper, it seemed to good to be true. We spoke with James Ward who gave us a basic rundown of the program and put us in contact with Jesse Mason (Realtor). After our first meetings with James and Jesse, Shannon and I decided to try the program out and we could not be more thrilled with the results. James could not have been more helpful with the mortgage side of the process.  He spent hours going over the terms, numbers, and different options that we had making sure we understood everything perfectly. He also helped put our minds at ease when we started to nervous because of how large the numbers looked on paper. James always put things in perspective for us but made sure we knew our options but never made us feel pressured. Jesse was an outstanding Realtor who accompanied us on every open house and had a very keen eye for things that added or subtracted to the value of the house that others might not have noticed. Both Jesse and James really worked to make sure that we were safe, comfortable and happy with our purchase. Both James and Jesse were upfront and honest throughout the entire process and it seemed as though you are working friends instead of a used car salesman. Together through the Teacher Next Door Program and the team of James Ward and Jesse Mason we not only purchased our first home, but enjoyed the adventure of finding a home. This program is excellent, and we would highly recommend anyone looking for a home to use this program. There are no surprises and no gimmicks just a great program and a great team working to put you into the home of your dreams.

Sincerely, 

Shannon David & Treme
Boston, MA

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Posted by Teacher Staff on January 11th, 2021 4:40 PM


Certified Online Reviews

Most Recent Certified Buyer Reviews


5 stars isn't enough!!!! 


Teacher Next Door Realtor: Nichole Ciecierski
Teacher Next Door Loan Officer: Phil Resmer


"5 stars isn't enough for Phil!! They helped me so much throughout the entire process. Phil was extremely patient and very responsive to any questions or concerns I had. I couldn't be more grateful for all of the assistance they provided." 
Sabrina Thomas
Sayreville, NJ
Teacher  Next Door Review 1/08/2021


A Breeze! 

Teacher Next Door Realtor: Travis Merritts
Teacher Next Door Loan Officer: Danny Yale


"Danny made my home buying process a breeze. He was available every step of the way for me. He knows his business well and was able to explain the process, so I was able to understand it. He is very personable, and I felt that he really cared. I am so grateful to have my home and that I used the Teacher Next Door program. I would highly recommend Danny and the Teacher Next Door program to anyone looking to buy a home.
Polly Price
Florence, SC
Teacher Next Door Review 1/07/2021


Extremely Helpful! 

Nurse Next Door Realtor: Michael Dale
Nurse Next Door Loan Officer: Danny Yale


"Danny was extremely helpful, knowledgeable, and responsive. His professionalism, expertise and excellent interpersonal skills work synergistically to make him a wonderful representative for anyone attempting to purchase or sell a home. This was my first purchase and he always checked on me to make the process easier. Danny does an excellent job making sure the families he works with understand the process of buying or selling, important deadlines and makes sure that there are no unexpected issues with the closing. I would recommend him wholeheartedly." 
Juanita Matthews 
Durham, NC
Nurse Next Door Review 1/02/2021


Extremely Easy! 

Public Servant Next Door Realtor: Thea Holyfield
Public Servant Next Door Loan Officer: Steven Ehrlich

"Steven made the home buying process extremely easy and was helpful every step of the way!" 
Cierra Grace 
Washington, DC
Public Servant Next Door Review 1/2/2021


Friendly Team! 

Nurse Next Door Realtor: Mark Lester
Nurse Next Door Loan Officer: Rahmun Aung Khin


"Rahmun and his team were extremely helpful, professional, and just such a friendly team!! We are so grateful for all you did to make our dream home become a blessing in 2020!! Thank you so much!" 
Rhonda Otlo
Casa Grande, AZ
Nurse Next Door Review 1/02/2021



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Posted by Teacher Staff on January 11th, 2021 4:10 PM

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