A Single Father of Three Loses Two Homes Due To High Rents Becomes A Homeowner

While Fifty Percent of Renters Are Cost-Burdened, A Dad Is Empowered Through Affordable Ownership

Concord, NC – On Monday, April 29, 2024, a single father of three, DeMarcus Kennedy (45), will triumphantly become a homeowner. Despite being forced to move twice due to exorbitant rent prices, DeMarcus has remained a pillar of strength and a hardworking example to his three children, Jordan (16), Yasmin (12), and DeMarcus (10). As a National Accounts Supervisor for a homes and commercial security company, one might assume that housing affordability would not be an issue for him. However, DeMarcus and his family are one of millions of cost-burdened households grappling with the challenge of paying rising rents with limited options. But that will change this upcoming Monday with a WeBuild Concord home.

“I had to uproot my family from two homes due to the relentless rise in rent prices,” shares DeMarcus. “Every time a lease renewal came, landlords would demand prices that made it nearly impossible for me to maintain housing and support my children.” Unfortunately, DeMarcus and his family are not isolated in this struggle.

According to a Joint Center for Housing Studies at Harvard report, half of American renters spent over 30% of their income on housing, which made them cost-burdened in 2022. Close to 50% of these individuals spent over 50% of their income on rent and utilities. According to 2021 PUMS data, renters in North Carolina are twice as likely (46%) to be cost-burdened than homeowners (20%). Factors contributing to the issue are rising housing prices that outpace wages, low housing availability, corporate vs. household competition for housing, and other economic factors and policies.

“We are witnessing the loss of the American dream for many families,” proclaims Dr. Patrick Graham, CEO of WeBuild Concord. “We must be a community that uses financial innovation, partnerships, and policy changes to increase opportunities for hardworking people and the vulnerable.” Partnerships made DeMarcus’ dream a reality.

WeBuild Concord used the City of Concord, Cabarrus County American Rescue Plan, and private funding to construct the new home. Prosperity Unlimited provided housing counseling, access to government down payment assistance, and WeBuild Concord’s internal down payment assistance to make the home affordable for the Kennedy Family.

“I am grateful for all those involved in helping my family have our own home,” says DeMarcus.

We are, too!