Housing is what provides safety, security, and opportunity. When housing cannot be accessed because of a lack of affordability, it compromises the safe environment and the resources that individuals need to pursue their goals and dreams. While affordable housing is not a new concept, it is one that has received much criticism owing to the growing housing crisis in the US.
Despite the misconception about what affordable housing really is, low-income homes are the solution to supporting households that simply cannot cover the rising costs of rent.
Affordable housing is a means to provide low-income communities with the homes needed to raise a family, to receive an education, and to feel safe. Public and affordable housing have changed from poorly maintained houses in crime ridden communities to secure complexes with modern amenities.
Let’s explore the top 4 things about affordable housing that are set to change the negative stereotype and address the pressing housing needs of millions of people.
- Affordable Housing is Not the Same as Public Housing
Modern developers and property investors are slowly addressing the housing issue by creating renovated and affordable apartments, houses, and complexes to rent. Affordable housing is offered to households within a qualifying income bracket. Individuals are still required to pay their monthly rent but at a lower cost than traditional apartments.
Public housing includes section 8 homes where housing vouchers or subsidies are issued to those who cannot afford all or part of the monthly rent.
- The Affordable Housing Demand Exceeds the Supply
Because of the growing number of households who need rentals they can afford, there is insufficient housing to address these very needs. Most communities are recovering from the past recession; however, COVID-19 and its negative economic impact has affected affordability. Even higher earning households are struggling to keep up with monthly rent. As the demand continues to climb and government issued or private developments lag behind, there is simply not enough economical rentals to assist communities with homes and to prevent far reaching homelessness.
- Affordable Housing is Not Restricted to Crime Ridden Areas
When programs such as Section 8 were first introduced, a lack of property maintenance and investment by landlords and government sectors left many apartments and buildings to wreck and ruin. Cheap housing was reserved to low-income communities where crime rates were high which contributed to the negative impressions and the stereotypes affordable housing is associated with. Today, federal government and property developers have reignited the affordable housing market with well-maintained properties and housing alternatives in safe neighborhoods.
Today’s affordable homes include apartments and houses in secure complexes. Affordable housing can be found in cities, outlying areas, and among wealthy communities. It is no longer associated with poorly maintained, high crime, and derelict properties.
- Affordable Housing Can Assist Debt Burdened Households
For households living paycheck to paycheck, affordable housing is one way to provide financial relief. Rather than feel the stress and the pressure of trying to keep up with expenses including a lack of rent stability, an affordable home helps persons save for the future education of their children, the cost of purchasing a house, and settling outstanding debt.
Every year, along with increased value in property, there is a rise in monthly rent. When you are already cost burdened, even the slightest increases can wreak financial havoc. Affordable housing offers stable monthly rent so more households can budget for their daily and weekly expenses.
With economical options for housing, entire communities can find financial stability and the support needed to access safe, secure, and cost effective properties.