WASHINGTON, D.C. — A new initiative in multifamily real estate is tackling one of the most persistent financial disparities in the United States: the wealth gap between renters and homeowners. According to data cited by Steven Libman, founder of Investing With Purpose, the average homeowner has a net worth of over $350,000, while the average renter has a net worth of around $10,500. Libman argues that this gap is not primarily about income, but about a lack of financial knowledge, access, and compounding decisions made without proper information.
Libman, who has spent 15 years in multifamily real estate, has built a faith-driven community investment model in which financial literacy is a central pillar. This model is being advanced through Investing With Purpose, with a live example at a 418-unit property in Lubbock, Texas, owned and operated by Integrity Holdings Group (IHG), a firm Libman co-founded. The property runs a financial literacy program in partnership with Dave Ramsey’s Financial Peace University, delivered by on-site ministry coordinators. The program is free for residents and covers debt reduction, credit building, and savings strategies.
What makes the Lubbock program particularly notable is that the property consists of individually deeded duplexes. Residents who complete the program and meet qualifying milestones can purchase their own units, transitioning from tenant to homeowner, and in some cases, to landlord. "Maybe the single mom who thought she would be renting forever is, two years later, a landlord," Libman said. "That changes the trajectory for her and her kids."
The program is not just philanthropy; it also benefits the property owner. Retention data shows that residents with six or seven friends in the same complex are roughly 45 to 50 percent less likely to leave, and lease attrition at properties running structured community engagement programs drops by 40 to 50 percent. Lower turnover means lower costs and more stable income. "The financial literacy program is not a cost center. It is an investment in the stability of the community, which is an investment in the stability of the asset," Libman said.
Investing With Purpose is also developing summer tutoring and kids’ programming at several portfolio properties to address the learning gap that affects children in multifamily housing during school breaks. The goal is to meet real needs inside the community, build genuine connection, and create an environment where people want to stay.
The broader question the initiative raises is about the responsibility of property operators to their residents. For most operators, that responsibility stops at maintenance, safety, and lease compliance. For a faith-driven operator, Libman argues, that is insufficient. "Where people live affects almost everything their life touches," he said. "The communities they are building, the people they are with, if we can impact somebody’s life inside a community, and then you see the butterfly effect of that, it is immeasurable."
More information on the Asset Ministry Program and the firm’s broader community investment model is available at investingwithpurpose.org/impact.
