The Center for Great Neighborhoods believes that increasing homeownership is critical to successful neighborhood revitalization.
Responsible homeowners benefit from the accumulation of equity in their home, take pride in their residence, and benefit from improved living conditions. Homeowners' children are less likely to experience problems associated with frequently changing schools, thereby improving school performance.
Neighborhoods with a high percentage of homeowners are generally safer, have higher and more stable property values, and have more amenities, such as parks and playgrounds. Neighborhoods also benefit when the condition of housing improves. These neighborhoods become attractive "neighborhoods of choice" where people of all income levels choose to live. In helping make Covington a neighborhood of choice, we help families realize the asset-building benefits of homeownership and the benefits of living in a vital neighborhood.
neighborhoods of choice
A neighborhood of choice has a positive image that attracts investment primarily because people are confident in its future. This confidence helps ensure its long-term economic viability for families of all income levels. Property owners invest in their homes or businesses because they know that property values will steadily increase. The neighborhood's physical conditions reflect pride of ownership and have a high standard of maintenance. Finally, residents have the capacity to manage the day-to-day activities on their block, feel safe, and feel comfortable working on problems together.