Same payment, different future: How homeownership builds more than a place to live

At first glance, renting and owning can look surprisingly similar. A monthly payment is made. A living situation is secured for a month. Life goes on. But over time, one small difference changes everything. Homeownership is about more than just paying for a place to live. It’s about building something of your own, one payment at a time.

A Greater Springfield Habitat for Humanity home in Springfield.

Homeownership also gives something many renters don’t always have: stability, control over the space, and the ability to put down roots in their community. Over times, it can open the door to something even bigger – building generational wealth.

“A crucial trend people should understand about homeownership and wealth is that homeowners are, on average, roughly 40 times wealthier than renters,” said Dawn Creighton, Liberty Bank Community Outreach officer. “It’s a wealth gap that has reached historic highs.”

A big part of that difference comes from equity.

Simply put, equity is the portion of your home that you own. With each mortgage payment, you’re not just paying to live somewhere — you’re increasing your ownership. And as home values rise over time, that ownership can grow even more.

For example, a home purchased at $210,000 with a small down payment starts building equity right away. As payments are made and the home increases in value, that equity can grow significantly – sometimes reaching tens or even hundreds of thousands of dollars over time.

Greater Springfield Habitat for Humanity (GSHFH) makes the purchasing process more affordable for the limited income population by offering low, fixed interest rates; a minimal or no down payment, and waiving mortgage insurance.

“After 10 years, equity grows more noticeably while the home value increases. After 20 years, more than 50% of the principal (the amount still owed) has been paid off. After 30 years, the family owns it outright,” said Olga Callirgos, GSHFH Homeowner Services manager. “This creates more financial freedom as there is now no monthly mortgage payment. The home is now a family asset that can be lived in long-term and passed down through generations.”

That piece makes a difference to many families, particularly those who previously faced housing instability.

“When a family can stay in one place, they can finally stop reacting to housing crises and start pouring their resources into long-term goals like education or career growth,” said Beata Gosselin, Housing Counselor program manager at Cambridge Credit Counseling. “The extra breathing room in the budget allows families to build up an emergency fund and handle life’s unexpected curveballs without the constant fear of losing their housing.”

Greater Springfield Habitat has built 77 homes in Hampden County since opening its doors in 1987. The most recent home was sold in early April to a couple in Holyoke. In June 2025, GSHFH sold a Springfield home to a couple with four school-age children. In addition to building equity, the kids now have a stable and reliable place where they can grow and thrive.

“Children growing up in a home their parents own, generally experience greater stability, leading to improved educational outcomes, better physical/emotional health, and higher high school graduation rates (up to 25% higher) compared to renters,” Dawn said.

Anne Eisenman agreed. She is a longtime GSHFH supporter, volunteer, and former board of directors’ president.

“Living in the same home and attending school in one district throughout childhood provides stability and community. Seeing parents caring for their home and property teaches children life skills such as problem solving, prioritizing projects, and managing finances,” she said.

To learn more about Greater Springfield Habitat and stay up-to-date on open application cycles, visit habitatspringfield.org