PHILADELPHIA (KYW Newsradio) — Homeownership is not out of reach for many Philadelphians — experts say they just need to be pointed to all of the available resources to put them on the path. That’s why Philadelphia Councilmember Katherine Gilmore Richardson is hosting an event to help more people navigate the homebuying process.
“Beyond Ownership: Creating a Lasting Legacy,” at Saint Joseph’s University on Saturday at 10 a.m., will include information on grants and financial assistance, as well as tips for first-time home buyers.
The average age for first time homebuyers is now 38. Richardson says people need guidance to obtain the American dream that she herself realized at a young age.
“Back in 2008, I actually bought my first home when I was 23 years old, and I did that with the support of an organization called Acorn and Urban League of Philadelphia,” she said.
“I only put out about maybe $1,500 total to purchase my three-bedroom, one-and-a-half bath house with the yard and the carport in Wynnefield. And even though I had to bring $3,500 to the table, I got a check back at the table.”
The councilmember says she has invited several agencies to the event in order to get key resources on home ownership to residents.
“We're bringing in [the Philadelphia Housing Authority], we're bringing in our Energy Authority, all of our city departments, all of our legal service organizations, our Turn the Key program to help people with up to $100,000 of financial assistance to purchase a property,” she detailed.
Right now, Philadelphia has one of the most competitive housing markets in the country, according to Gilmore Richardson.
“Philadelphia is still relatively affordable, but a lot of people still think and believe that home ownership is outside of their reach, and they don't realize that sometimes purchasing a home is much cheaper than renting.”
“We really want to encourage as many people as possible, you know, to come out and be educated, you know, learn the tools necessary to be able to purchase a property and start to create generational wealth for themselves and for their families.”