We've recently seen an upwardly trending market here in Durham. The city is attracting people from all over the country and world to experience our unique sense of place. This boom in the market has had many wonderful outcomes and has helped to strengthen the city, but it has also augmented staggering housing disparities.
Many of our neighbors are struggling financially and are finding it difficult to afford to stay in their homes. The easy solution for many is to sell and move into a new home or find a rental property. But that's not an easy choice as there is a significant shortage of affordable housing options. More importantly, it strips people of what, in many cases, is their most valuable long-term investment.
Additionally, there are many people in our community for whom owning a property has never been a viable choice, in part because of the lack of affordable options. Further complicating the situation, countless people have been impacted, to this day, by historical policies in real estate and banking that deterred homeownership, especially along racial lines. This phenomenon has been studied nationally and locally through several research projects such as this one.
It is our mission to draw attention to the issue and to connect the residents of Durham with information, resources, and organizations doing work to preserve, advance, and assist with homeownership for people of all income levels in our community. We believe that the marketplace for homeownership in Durham can expand by educating and linking people to available resources.