Free First-Time Buyer Workshop To Bring Hope For Homeownerships
Median home prices can be a deterrent for many would-be homebuyers as they think they are priced out of Hawaii’s real estate market. Most do not realize that the median home price represents the middle price of all the homes sold; therefore, half of the buyers purchased homes below the median price.
The Hawaii HomeOwner-ship Center (HHOC) and the Aloha Chapter of the Asian Real Estate Association of America (AREAA) are co-sponsoring a free workshop for prospective home buyers on Wednesday, Sept. 12, 6 p.m. at the HawaiiUSA Federal Credit Union’s Community Room (1259 Aala St, Honolulu).
Myths related to homeownership will be dispelled and considerations of renting versus owning will be part of the presentation that evening. Participants will leave with a better understanding of the purchase process and how to prepare for it.
Owning a home has significant positive human benefits in education, employment, and physical and mental health for individuals, families, and communities – all which can relieve burdens on public assistance (i.e. welfare, food stamps). Unfortunately, Hawaii has the fifth lowest rate of homeownership and ranks last in home affordability in the nation according to the CFED Assets & Opportunities Scorecard. Only 57 percent of all housing units in Hawaii are owner-occupied, compared to the U.S. average of 63 percent.
The HHOC is committed to addressing the rate of homeownership in the state so more families and communities can appreciate the benefits that come through educated homeowners that are prepared to sustain and maintain their asset. Workshop partner, AREAA has a mission to support and promote sustainable homeownership within the Asian American and Pacific Islander communities. HHOC executive director Dennis Oshiro said, “We have more than 2,000 homeowners that have purchased a home after going through our education program and over half were considered low or moderate income when they enrolled. This tells us that despite our challenging housing market, home-ownership is possible even for those who may be considered income challenged. Home buyer education and coaching is the key to sustainable homeownership.”
Registration is required for this workshop. Those who want to attend can contact HHOC to register: 523-9500 or info hihomeownership.org.
The Hawaii HomeOwnership Center’s mission is to provide education, information and support to create successful first-time homeowners in Hawaii. By addressing barriers and increasing rates of home ownership, the HomeOwnership Center aims to build stronger families and communities throughout the state of Hawaii. Services are available to anyone regardless of their income. To learn more, visit hihomeownership.org.
AREAA’s mission is to support and promote sustainable homeownership within the Asian American and Pacific Islander communities. For more information, visit areaa.org/aloha/.