Brian Fogle: Restore SGF rising to meet Springfield’s housing challenges
- Springfield Daily Citizen
- Mar 5
- 2 min read
SPRINGFIELD, Mo. (Springfield Daily Citizen) —
Increasing our home ownership rate to the level of just over the 50% pre-recession total would add millions in economic security to households here
On my credenza at Community Foundation of the Ozarks, I had taped a quote that said (and I’m paraphrasing…can’t seem to find it since I retired): “Nonprofits are the safety net of last resort. They know and care for those that markets and governments can’t or won’t. They are the conscience of our nation.”
Nonprofits are often referred to the “third leg of the stool” alongside government and the private sector, helping to fill the societal gaps.
A timely example of such a need is housing. The Springfield Community Focus Report celebrated its 20th anniversary last year. For two decades, it has served as the “report card” for our community on those things we do well (Blue Ribbons), and those areas that need improvement (Red Flags).
One of the newer Red Flags listed in the most recent report was that of “Housing Challenges.” Springfield is not immune to broader issues impacting the country, and affordable housing opportunities have plagued the U.S. for several years. The “Great Recession” of 2007-09 was caused by a housing crisis of the opposite kind: we overbuilt. Since that time, we have dramatically underbuilt, and according to mortgage guarantor Freddie Mac, the country is short 3.7 million homes.
The challenge is especially acute in Springfield. The national home ownership rate in the U.S. is 65.7%, according the Federal Reserve (Fed) data. In Springfield, it’s 42%.
That difference has a profound impact on the overall economic health of the community. Citing Fed data again, the average household net worth of a homeowner is $400,000. For a renter, it’s $10,700. Home ownership is still the “American Dream.”...
