Narrated by Chad Fox
So, your lease is about to expire. You’re crunching numbers, maybe making peace with beige walls again, and — just like that — the landlord drops a rent increase in your inbox.
Welcome to housing in 2025.
Even with Washington’s new rent stabilization law attempting to put some guardrails on how fast rent can climb, the reality is that it’s still climbing. Landlords, after all, aren’t running charities. Most are in it for the mortgage coverage and, eventually, a profitable resale.
Naturally, you start poking around Zillow. The idea of buying your own home sparks something until you remember the state of the market. Home prices? Still up there. Interest rates? Too fickle for comfort. Maintenance? That’s on you, now.
It can feel like swapping one kind of chaos for another. But here’s something that doesn’t get enough airtime in conversations about housing: if you’re already making steady rent payments and have a basic handle on home upkeep, owning a home might not be as far off as you think — even if your bank account doesn’t exactly scream “20% down.”
Why you should even care about homeownership
Let’s not sugarcoat it: I’m a realtor. I co-own RE/MAX Horizon in Richland. So yes, I believe in homeownership. But set my professional bias aside for a moment; there are real numbers to consider.
Homeownership is one of the only forms of ‘forced savings’ that actually sticks. Every mortgage payment you make pays down a loan, but it also builds equity: money you can borrow against, sell for, or simply pass on.
In 2023, property data firm ATTOM reported that homeowners who sold their homes in the U.S. saw an average return on investment of over 51%. That’s not a typo; that’s equity built up from just living in their home and paying their mortgage on time. Even with recent market fluctuations, long-term ownership continues to be one of the most stable wealth-building tools for working people.
After years of hearing your parents repeat the adage that “real estate is the safest investment,” it’s time to face that, sometimes, they’re right.
The big stumbling block: Down payments
Most people get tripped up by the myth that they need 20% down to buy a home. That might’ve been true in your grandpa’s day, but not anymore.
There are down payment assistance (DPA) programs in Washington State — many of them designed to help first-time buyers become homeowners without draining their savings. A number of these programs are specifically made for veterans, BIPOC families, or people with disabilities.
Here’s what’s available right now through the Washington State Housing Finance Commission (WSHFC):
Home Advantage DPA
For first-time or repeat buyers with household incomes under $180,000. Offers up to 4% of your mortgage amount as a 0% interest loan — no payments until you sell, refinance, or pay off your home.
House Key Opportunity DPA
Targeted to first-time buyers who meet local income and purchase price limits (which vary by county). This offers a 1% interest second loan with deferred payment for up to 30 years.
Veterans DPA
Up to $10,000 in down payment support for honorably discharged veterans, active-duty military, and National Guard members. Comes as a second loan with a low 3% interest rate.
HomeChoice Program
Helps buyers or households who have a family member with a disability by offering up to $15,000 in support at just 1% interest.
CHOP (Community Homeownership Pathways)
Designed to close racial homeownership gaps and empower communities historically excluded from wealth-building through property ownership, CHOP is tailored primarily for BIPOC (Black, Indigenous, and People of Color) homebuyers in Washington and is run through a coalition of culturally-rooted nonprofit and community-based organizations.
What makes CHOP different from typical DPA programs is its wraparound model — it’s not just about the money. CHOP participants receive:
- One-on-one coaching and financial navigation to prepare for long-term homeownership.
- Culturally specific homebuyer education, offered in partnership with trusted organizations within the communities they serve.
- Access to layered funding, combining assistance with other DPA programs like Home Advantage or House Key.
- Post-purchase support, helping homeowners sustain and grow their investment over time.
CHOP also explicitly addresses the racial equity gap in housing — a key issue in Washington, where homeownership rates among Black and Latino families continue to lag behind white households. According to WSHFC, CHOP aims to disrupt that trend by meeting buyers where they are with flexible financial tools, relevant support, and community-based relationships.
In the Tri-Cities, CHOP-connected groups are growing, and bilingual and culturally relevant resources are increasingly available through local partners.
What’s the catch?
There’s not a catch; but not everyone is eligible. To use one of these programs, you generally need to:
- Attend a WSHFC-certified homebuyer education class. (They’re free!)
- Use an approved lender.
- Meet income and purchase price limits (set by county).
- Plan to live in the home — these aren’t meant for investment properties.
And here’s the best part: many of these programs can be combined. That means if you qualify, you could layer different forms of assistance to significantly reduce what you need to bring to the table at closing.
For the skeptics in the back
Down payment assistance doesn’t fix housing inequality. But it does create a foothold — especially for people who’ve been systematically shut out of ownership. And in a region like the Tri-Cities, where high demand from employers like PNNL and the Handford site prevents homes from dropping in value, using every available tool matters.
Whether you're a teacher renting in Kennewick, a server in downtown Pasco, or a healthcare worker commuting from West Richland, these programs weren’t built for just one type of buyer. You should see if they were built for you.
The bottom line
Homeownership isn’t for everyone. But if the only thing keeping you from buying a home is the down payment, you may be closer than you think. Rent will keep rising. Equity doesn’t build itself. And the support systems already in place are just waiting for you to tap into them.
Want to learn more? Start here:
- Washington State Housing Finance Commission: wshfc.org
- CHOP Program Overview: heretohome.org/the-covenant-program
- Homebuyer Education Classes: heretohome.org/homebuyer-education-class-info
Bryan Verhei graduated with a degree in Political Science from Eastern Washington University and is currently a small business owner in real estate.
