WEST MEMPHIS, Ark. — In West Memphis, leaders are working to increase the number of homeowners in the city, where the most recent numbers from the U.S. Census Bureau show around 45 percent of people own their home.
The new initiative would bring affordable homes and give home-buying resources to residents for free. This is all in an effort to bring the number of homeowners above 45 percent in the city. To meet or exceed that number, they're creating partnerships to boost the number of homeowners over the next few years.
About 50 West Memphians are one step closer to becoming homeowners after taking the city’s own your own home class.
“I like the honesty of all the presenters,” Reta Milow said.
Milow was born and raised in West Memphis. This year, she’s making it her mission to become a homeowner, and her eyes are set on the future.
“I want something that I’m the first owner,” Milow said. “To me, ownership is key. I like the fact of being able to, if the need is there, that I’d be able to leave something to my children.”
Milow isn’t the only one. Several residents were able to see their future in the steps laid out by HUD Housing Counselor Davida Brown.
“Do not feel pressured into also having to purchase a home if it is not your season,” Brown said. “When you do purchase a home, we expect you to live like the way that you’re living right now and that’s being comfortable. Don’t go out and get a high mortgage because you want this $200,000 dollar home.”
The city’s goal is to bring more affordable homes to West Memphis. They want to make sure the percentage of homeowners is higher than those who rent.
“In order for us to create supply and demand for affordable housing, we have to both build and construct affordable housing and also cultivate buyers,” city planner Chad Bowman said. “So, at this point in time, we’re trying to do both simultaneously. In preparation of adding more affordable housing units to West Memphis.”
Developers the city partners with for affordable housing have already built seven homes in the area. So far residents have closed on six of them. The plans in place are an effort to boost the economy in West Memphis by showing the community the city is worth investing in.
“What we wanna do is make sure that we’re securing you in a forever home,” Brown said.
You don’t have to live in West Memphis to take part in the class. There were a couple of Memphians and even some people from Jonesboro, Arkansas, at the latest class.
The city is finalizing details for their next class session and will share that information on the City of West Memphis Facebook page once they have a date and time.