Why is Affordable Housing Essential?
Families and individuals who pay more than 30 percent of their income to housing are considered cost burdened and are likely to experience difficultly budgeting for other necessities like food, clothing, medical care, and transportation. When housing consumes too much of a household’s income, individuals or families can be forced to make difficult trade-offs that can affect their personal health. This may involve:
- quality of diet;
- sacrifices in health or dental care;
- households being forced to work extra hours to cover housing costs; or
- household sharing leading to overcrowded living conditions.
Households that move frequently due to high housing costs can be challenged to maintain their social networks and take advantage of employment opportunities. Children in such households are particularly vulnerable to stress, health problems, and educational disadvantages that ultimately affect their well-being.
Who does Affordable Housing Help?
Affordable Housing is commonly needed among the following groups of people:
- Individuals/families with low or median income
- Individuals with physical or mental disabilities
- Youth or women experiencing violence at home or homelessness
- Seniors with limited income but still independent
- Households with low income but an interest to purchase a home
Why is Affordable Housing Important?
For a community to offer a welcoming place to live, affordable housing is essential. High rents and housing prices can threaten a community’s economic growth as people have less discretionary income to spend. The supply and diversity of affordable housing is key to building strong communities that offer a high quality of life to it’s residents.