MEMPHIS, Tenn. — Financial experts will tell you owning your own home is one of the best investments you can make. Rent prices in Memphis are rising. The median price for a one-bedroom is $850, which is up almost 8% from last year.
Shelby County Mayor Lee Harris wants to encourage more renters to become homeowners. Homeowners are typically more invested in their neighborhoods, which can raise the value of other homes in the area, too.
"We create pride because there’s pride through that process of becoming a homeowner and we help people gain equity and the kind of wealth-building that can be their legacy over time," Harris said.
Shelby County has updated its homeowner program for people with low to moderate household incomes making up to $80,000 per year.
"I’m happy to share the news that after some negotiating with the Tennessee Housing Development Agency, we can now offer residents a maximum $6,000 down payment assistance loan at an interest rate that’s been lowered to 3% with 15 years to pay that loan back," Harris said.
In a county with 20% at or below the poverty line, Harris hopes this program can help.
"There’s no doubt about it that homeownership is how you build wealth and building wealth helps people escape poverty," Harris said.
He said it's time for more investments into our neighborhoods.
"I know people think this is daunting, it’s not," Harris said. "We’re here to help. Go to the website, apply and let’s get more homeowners here in Memphis and Shelby County."
You can find the application here.