DETROIT (WXYZ) — Levonne Jeffery was eager to own her home, but the 58-year-old woman made too much money for a lot of social service programs and, at the same time, she didn't earn enough to qualify for a traditional mortgage.
But then opportunity came knocking.
"I jumped over the moon," Jeffery told 7 Action News as she stood in front of her 384 square foot farmhouse-style home where she is surrounded by a beautiful garden that she tends to herself.
Jeffery is one of over a dozen Detroiters who have found their piece of the American dream with the help of Cass Community Social Services.
Tiny Homes Detroit was the vision of Rev. Faith Fowler, and to date, 18 homes are occupied. Another home is almost ready for occupancy and six more are under construction.
The amount residents pay every month covers the monthly expenses that come with home ownership, including utilities and taxes. And after seven years of residing in their home, residents will be given ownership of their tiny house and the land it sits on, knowing they can cover the costs of home ownership, independently.
"The opportunity to own was important to me. I'm getting older. I don't want to keep moving," said Jeffery who lost her last home during rehabilitation from an accident involving a vehicle. Jeffery was a pedestrian when she was struck by a car. "I can't keep going through the moving about, you lose so much."
Across America, more and more people across socioeconomic levels are finding it difficult to find what they consider affordable housing.
Even rent increases are pushing people out of their target neighborhoods and, in some cases, out of the homes they're already living in.
"In renting you're pretty much opening the window and just throwing the money out, but, under certain conditions, for a small percentage of individuals, it's better for them to rent," said Maynard Neal, President & Principal Broker for NERG Real Estate Experts, who urges people to buy if they're able to qualify.
The red hot housing market that we saw in the spring and summer of 2021 that sparked bidding wars has cooled with higher mortgage rates and the supply of homes is starting to increase.
Neal said, in the last week, two of his clients have been able to purchase a home at the asking price which is something he hasn't seen in over a year.
Neal said home ownership is the best way to be able to control housing costs.
"When you purchase a home, you're locked in at your mortgage rate," Neal said. "And then when the mortgage rates go down, you can always refinance."
"I have several clients that bought three years ago that are selling or have sold this year, and have made anywhere from $80,000 to $100,000 within the three year period," he added.
Neal urges anyone interested in purchasing a home to talk to a mortgage professional.
"A mortgage professional can look at your unique situation to see what's on your credit, to see if you need to raise your credit score, to see what you're going to need," Neal said. "They will be able to explain to you what arena you can come into the market at, how much of a home can you afford, and what is going to be needed in order for you to buy that home."
Some Michigan residents may be able to qualify for down payment assistance through the Michigan State Housing Development Authority (MSHDA).
