Transcription
Penny Crosman (00:03):
Welcome to the American Banker Podcast. I’m Penny Crosman. The goal of owning a home, once a core component of the American dream, has become hopelessly out of reach for a growing number of Americans. Home ownership costs skyrocketed in 2022, pricing out about 2.4 million renters according to the Habitat for Humanity. According to a Harvard study, the estimated annual income needed to afford a home rose 20% to $117,000, well above the national median income for renters. There are many more stats like this, but the key point is that for many of the young families that most need a home, even in households where both parents work full-time, buying a home has become extremely challenging. We’re here today with Darrin Williams, CEO of Southern Bancorp, a community development financial institution in Little Rock, Arkansas that is launching a new initiative to help home buyers. Welcome Darrin…