The state of Rhode Island has just introduced an initiative to give $17,500 in down payment money to new buyers. Yes, that’s a $17,500 grant to first-time homebuyers in Rhode Island. The reason? To ease the growing inequality in an increasingly exclusive real estate market.
U.S. homeownership seems to be turning into a privilege of the wealthy. And as Rhode Island’s governor acknowledges, Rhode Islanders who own their homes are among the lowest percentage in the nation.
Coming up with a down payment on a home is becoming too difficult, for too many. Gov. Daniel McKee describes the new initiative to assist modest-income home buyers as “an important boost for families looking to make their home in Rhode Island.”
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