Indicator 3:	Homeownership rate in low income households
	Trend
	vs. Georgia

What does it measure?
This indicator is the homeownership rate for low income households in Chatham County. Low income households are defined as those where household income is approximately equal to or less than 250% of the federal poverty income level for a one parent, two child household. For 2011, this is $45,308.

Why is it important?
Gaining and sustaining assets provides a pathway for families to overcome poverty. Owning a house is considered to be the most significant asset for a family. Since housing costs are typically a household’s largest expense, the development of affordable housing is an effective way to improve the home ownership rate. Other programs supporting home ownership such as financial education, access to credit, revolving loan funds, among others, enhance the financial stability of the family and increase the financial health and vitality of a community.
 

How are we doing?

The homeownership rate among low income households in Chatham County decreased substantially to 22.8% in 2010 from 26.6% in 2009.  The rate for Georgia was 27.5% in 2010, and this reflects a 0.2 percentage point decrease from 2010.  While both county and state homeownership rates increased in 2011, the state rate experienced a much smaller increase than that of Chatham County.
 

HOMEOWNERSHIP RATE IN LOW INCOME HOUSEHOLDS Source: U.S. Census Bureau (American Community Survey, Table B25118)