Iowa Governor Kim Reynolds proclaimed the month of June as Homeownership Month, an observance dedicated to recognizing the importance of homeownership and its significant impact on individuals, families, and communities in Iowa.
The Iowa Association of REALTORS®, and its partners, bring awareness to Homeownership Month in Iowa, focusing on recognizing the personal and economic impact that owning a home has on Iowans and breaking down barriers that prevent Iowans from realizing this American Dream.
“Homeownership is a cornerstone of the American Dream and should be accessible to all Iowans,” Krista Clark, IAR president, said. “Raising awareness of the benefits of homeownership and addressing the barriers, such as language differences, that stand in the way of homeownership for many Iowans is what Homeownership Month is all about.”
While Iowa has the 10th highest homeownership rate among all U.S. states, according to the latest U.S. Census Bureau's American Community Survey, there are many communities within the state that remain on the sidelines when it comes to experiencing the stability, financial security and personal growth associated with owning a home.
For instance, just 31% of Black Iowans own their homes, according to the National Association of REALTORS® 2023 Snapshot of Race and Home Buying in America. However, nearly 29% of Black Iowans who currently rent their homes actually could afford to buy, according to the same report.
Similarly, 47% of Asian renter households can afford to buy the typical home in Iowa, yet those purchases aren’t being made. It is in the best interest of all Iowans to assist these renters in purchasing their own homes, as economically the purchase of a typical home in Iowa helps boost the state’s economy by $74,600, according to NAR.
The Iowa Association of REALTORS® and its members are dedicated to closing the homeownership gap in the state by providing resources and education not only to REALTOR® members but all Iowans. Just this month, IAR announced a new member benefit focused on breaking down barriers to homeownership.
IAR members can now access Language & Interpretation services to better serve their clients. Through this member benefit IAR aims to create an equitable and fair housing market in Iowa and support the building of generational wealth.
“Our members strive to work in the best interest of their clients every day,” Clark said. “We believe that language should not be a barrier to homeownership, and we are proud to offer our members this service in assisting to close the homeownership gap and ensure the dream of homeownership is available for all.”