April 23, 2024

The American Dream of Homeownership Starts with Financial Literacy

As we celebrate National Financial Literacy month this April, it’s a reminder of the important role that financial literacy plays in preparing for the homebuying journey. Buying a home is oftentimes one of the biggest financial commitments most individuals make in their lives, and also may be one of the best ways to build household and generational wealth. Owning a home may have a huge impact on financial stability. A 2023 study by the National Association of Realtors concluded that household net wealth of homeowners is 40 times higher than renters.^[1]

However, there are numerous obstacles and financial hurdles involved in the homebuying journey that can make it a very stressful experience. In fact, according to Opendoor’s 2024 First-Time Homebuyer Survey, 90% of homebuyers say the process is stressful.^[2] That anxiety is especially acute for Gen Z and Millennial buyers who are more likely to be challenged with student loan debt, stagnating wage growth, increasing home prices, and a shortage of affordable homes.^[3]

Gaining a clear understanding of their financial situation and establishing a plan for success can help buyers be more financially secure homeowners in the long run. We've compiled a list of essential financial literacy concepts below to help homebuyers prepare for their homebuying journey:

Given the vast scale of financial considerations that homebuyers encounter throughout the process, it’s no surprise that many people struggle on the path to homeownership—especially first-time homebuyers who are being introduced to many of these concepts for the first time. Education and support throughout the process can help give first-time homebuyers the confidence to achieve their dreams of homeownership. More tools and resources are available on our Homebuyer Resources page.

Radian’s Homebuyer Perks Program Enables Homeownership for Employees

At Radian, our mission is to help make homeownership more affordable and accessible. As a company with deep experience and knowledge in the housing finance and real estate industry, we saw an opportunity to harness what we do best to help our employees on their homeownership journeys.

Radian’s Homebuyer Perks program provides education and financial assistance to Radian employees throughout the home purchase, sale, and refinance process:

• Full reimbursement for mortgage insurance provided by Radian Guaranty Inc.
• Financial benefit after closing with Radian Settlement Services
• Connect with a real estate agent and potentially earn a credit towards closing costs through homegenius Real Estate
• Competitive pricing on home, auto, flood, & renter's insurance through Covered Insurance Solutions
• Homebuyer education center
• Financial wellbeing education and services
• Concierge service and support throughout the homebuying process

Since launching the program in 2021, over 165 employees have utilized the benefits to improve their financial literacy and navigate the homebuying process. It gives us immense pride to be part of the solution for our employees. By supporting our employees with homeownership benefits, we hope to help our people achieve long-term financial stability and in return enjoy happier, healthier, and more productive employees.

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