74% of Homebuyers Can Use CFHomes as a Ladder!

People are different: some people will use City First Homes (CFHomes) to buy a home to live in for generations. In contrast, others may use the program as a "ladder" to traditional homeownership (Although no type of homeownership is really "traditional," we are referring to homeownership where you don't have to share appreciation).  How can CFHomes be their ladder? Well, instead of renting, they live in a CFHome for 5 to 7 years, building up wealth so they can pay the down payment for a traditional home!

74% is the key number.  A recent study was conducted with the Champlain Housing Trust, the nation's largest shared-appreciation housing trust, whose model is similar to CFHomes'.  They followed buyers for 20 years and found:

Among the [Champlain Housing Trust] homeowners whose subsequent housing situations were known, 74% of them bought [traditional] homes within six months of re-selling their limited-equity houses or condominiums; another 5% traded their first resale-restricted home for another, choosing to remain within the [Champlain Housing Trust]. The rest may have returned to renting or other outcomes.

It's also important to note that the average amount of time a Champlain Housing Trust owner lived in their home was only 5 years!  So it did not take them decades to save up to buy a traditional home; it was a relatively short amount of time.

So if you're thinking about homeownership but worried about the costs, why rent when you can use CFHomes as YOUR ladder?  You'll build wealth for the future, get to "practice" being a homeowner, and enjoy the stability and tax benefits of owning a home!

To read the full study, please click here.