Chasing the American Dream – CBS News

Jennie Rangel, a mother of five in Chandler, Arizona, is feeling the financial strain of renting a home. Despite having served in the military, gone to college, and worked as a nurse, she and her husband, K.C., a manufacturing tech at Intel, find themselves struggling to make ends meet. With rent, utilities, car payments, insurance, and other expenses, they often have little left over for essentials like groceries and toiletries.

The couple, in their forties, have never owned a home and feel trapped in the cycle of renting. The soaring home prices, which have increased by nearly 50 percent since the start of the pandemic, have put homeownership out of reach for many like Jennie and K.C. Additionally, high mortgage rates and a shortage of housing supply have further exacerbated the situation.

According to realtor.com, there is a shortage of four million homes in the market. While home prices have tripled since 1990, incomes have not kept up, rising only half as much. This disparity has made it increasingly difficult for families like the Rangels to achieve the dream of owning a home.

In response to this housing crisis, programs like “Choose Topeka” in Kansas are offering relocation incentives to attract new residents. Participants in the program have come from 37 states, enticed by the lower cost of living in Topeka. More than 200 families have moved to the city since the program’s launch in 2020, with a high retention rate of 90 percent.

One such family, Allison and Jacob Reynolds, took advantage of the “Choose Topeka” incentive to move back to Allison’s hometown. They were able to purchase a four-bedroom home for $179,000, significantly lower than the prices in California where they previously lived. The financial assistance they received covered their moving expenses and allowed them to start building equity in their home at a younger age.

While the Reynolds have found success in Topeka, Jennie Rangel remains determined to achieve homeownership in Arizona. Despite the challenges, she is committed to working towards her goal and providing a stable home for her children. With perseverance and possibly taking on a second job, Jennie is hopeful that she will be able to give her family a place to call their own in the near future.

In conclusion, the housing market presents significant challenges for many families, but with innovative programs and determination, homeownership is still within reach for those willing to explore alternative options. By considering relocation incentives and making strategic financial decisions, families like the Rangels and the Reynolds can overcome the obstacles and achieve their dream of owning a home.