A house is much more than a mere building. It’s a place that provides shelter protection and nurtures the occupants. It supports professional and personal development and provides a safe environment. Affordable housing is no different. For years, the medium-income group gets squeezed between poor wages and increasing expenses. At times, the cost of purchase or rent of housing units is so high that this section of the population cannot afford it. Along with this, the short supply of affordable workforce housing units near the city center is well established. Hence, it has added to their difficulty and suffering. Along with this, the increase in commute time and other related expenses have only added to their problems. Maxwell Drever –
More than a home, it has become a necessity
Affordable housing directly impacts the quality of life of the residents. It leads them to better health, financial stability, adequate jobs, and security. The influence of affordable housing on individuals is well established, reflects Maxwell Drever. Remember that it may transform the communities and project them to a well-formulated future. Along with this, affordable housing has the following benefits:
- Quality and affordable housing attract nurses, cops, teachers, and firefighters, the fundamental service furnishers to society.
- The reduction of commute time enables residents to reach their job location easily without any hassle. Moreover, it helps them with job security and improves their monetary status while eliminating the need for a personal vehicle.
- The commercial space provides them with access to vital services and products with employment opportunities.
- Community centers help get the residents together, provide entertainment and help improve their skills and education.
- Walkable complexes initiate interaction between residents and strengthen community feeling.
Affordable housing is a recent innovation. The development has incorporated different elements to improve the residents’ circumstances and empower them with several tools and benefits.
Crisis of affordable housing
The main problem with affordable housing is its low supply. Remember that the demand for these residential units has increased by 30%. However, the medium income groups who have an area median income of 60 to 120% cannot give more than 30% of their income on rent. Hence, the availability of these housing units has dropped.
Maxwell Drever states that research reveals that hotel owners, landlords, governmental institutions, and private agencies must develop supportive projects and programs to encourage affordable housing development. Along with this, a positive attitude of every member of the community is essential in this regard.
How does unaffordable housing impact life?
The shortage of affordable housing has numerous negative impacts on families, individuals, and communities. It includes the following:
- High rent
- Racial segregation
- Displaced families
- Substandard housing
- Increased poverty
- Rising crime rate
- Adverse effect on health
- Developmental delays
- Mental health issue
As a result of this, affordable housing stock has become the need of the hour. For proper use of resources and energy, a positive role of governmental institutions in private agencies is necessary.