With home costs continuing to rise while incomes lag behind, homeownership is fast becoming an impossible dream. The average home sale price in Pierce County is well above $500,000 leaving first-time home buyers priced out of the market, and very little options for moderate to low income families.
Tacoma/Pierce County Habitat for Humanity aims to change that with a new homeownership model: restricted resale.
This new model provides permanent affordability, preserving the homeowners’ initial investment while also providing future generations continued access to affordable homes.
- The homeowner buys only the house—not the land—making the purchase price more affordable.
- The land is leased by the homeowners, from Habitat, in a long-term, renewable and inheritable lease (often a 99-year term).
- In doing so, homeowners agree to sell the home at a restricted price to an income-qualified buyer, ensuring its ongoing affordability.
Lower sale price + resale restriction = Lower price at resale = Permanent affordability
To learn more about our homeownership program, please click here.