Rising home prices, lending restrictions, stagnant wages and a growing burden of debt have made homeownership financially unattainable for many prospective buyers. Cities across the country — including those as vibrant as Charlotte — continue to struggle with how to open the doors to homeownership to more of their residents while ensuring sound fiscal policies and practices. In the case of the “Queen City,” despite a number of recent economic positives, stagnant wage growth, lack of public transit options and the historical isolation of working-class neighborhoods are just a few of the hurdles to homeownership for so many of its residents, particularly minority populations.
This situation is not unique to Charlotte, however, as community leaders search for solutions to create a better pathway to homeownership. NAHB Chairman Dean Mon sat down with Kelly Zuccarelli, senior vice president and manager of the national builder, renovation and condo program at Wells Fargo & Company, to discuss the key financial barriers and other challenges prospective home owners face in the home-buying process, and what can be done to alleviate or improve these issues.