NeighborWorks Week is really highlighting the benefits and the importance of homeownership. We all know that the cornerstone of our communities is people being able to buy a home and have a stake in where they live.
We’re part of a larger national recognition—and it’s powerful to say: yes, we have created housing opportunities. We’re continuing to build on the movement of making housing affordable and available, even through the massive housing shortage we’re facing—not only in Kentucky, but across the country.
Coming out of the Great Recession, there was a significant decline in homeownership. We also lost many of our contractors and construction professionals during that time, and we’ve seen very little new housing production since 2008–2009. Add to that the ever-rising costs of materials and labor, and the gap continues to widen.
To close that gap, we must increase housing density and rethink what an “acceptable” home looks like. We’re already seeing signs of change—smaller units, attached units, higher-density neighborhoods—solutions aimed at making housing more affordable so people can at least get started.
In order to have economic development and growth, communities must have stable housing and a workforce that lives locally. It’s a classic chicken-and-egg scenario. Regulation and other barriers make development more difficult, more expensive, and ultimately limit our ability to keep housing accessible.
In many Kentucky communities, rent is as high—or higher—than a mortgage payment. And no employer wants to see constant workforce turnover. When it’s easy for someone to leave an apartment for another job, they may not stay rooted. But when someone owns a home, they’re invested. That investment builds stronger neighborhoods and more resilient communities.
There’s also the personal stability homeownership brings: knowing what your monthly payment will be, not worrying about rent increases or your building being sold. It’s your home—you can raise your family there, keep your kids in the same school, and build your life with confidence. That’s what housing security really looks like.
Learn more about how Community Ventures is making homeownership possible across Kentucky. Visit cvky.org/homeownership-support