An individual’s standards of living include living in a decent and affordable place. Housing is not just about having a shelter but it has a greater impact on our lives.
Housing defines our ease of access to work, education, recreation and shopping etc. If you can afford a house within the reach of your pocket, you can also manage to access other basic facilities.
A country’s economy plays a vital role in defining the standard of living of its citizens. The house prices are increasing drastically worldwide. Not everyone can afford a decent place to live. Along with the problem of homelessness, it has also become a constant source of depression for people who are facing this issue.
For the social, mental and moral well being of the citizens, affordable housing has become the need of the day. The government needs to introduce more and more affordable housing programs to entertain maximum individuals and families. Through affordable housing, the individuals who‘s income is at the middle or close to lower level of income scale can also afford a house.
The inequality in the income ratio and number of homeless people vary from place to place. The affordable housing needs are also therefore, different for different areas.
Federal, state and local governments are launching programs in collaboration with local authorities to fund affordable housing in respective areas. Such programs not only provide housing services to individuals against an affordable rent but also provide homeownership facilities at an affordable price.
Investors from across the country are helping the government not only in building new affordable housing but also making the existing housing facilities, affordable. Due to high housing prices, people spend a large portion of their income on house rent. This leaves them with very little amount to fulfil other needs. This problem is not limited to families below the centre line on the income scale. Families having a good income are also facing the same issue.
To assist low income families, affordable housing can be a great help. It can solve this issue by limiting the house rent to 30% of their income leaving the remaining 70% to spend on other necessities. High housing costs discourage people from living in areas that are close to basic needs. Affordable housing in such areas will help them to lead a standard life with the essentials in the reach.
Affordable housing programs are also designed to target a certain population. The senior citizens, disable people, off-campus students, the number is increasing hence the need for increased affordable housing. To provide a safe, accommodating and comfortable environment within the reach of a low income family, affordable housing serves the purpose. It is the need of the day.
With the working class moving out of the affordable housing, leaving the poor behind, the budget reserved has been affected badly. To address the need, more investors need to step forward. The current affordable housing business has a lot of potential.