A house is not only a building. It’s a place that gives you protection, shelter, and support explains Maxwell Drever. Along with this, it helps you with a protective environment. Affordable housing has thereby emerged as a topic worth attention. It is more than a necessity now. For years, low and medium-income families get squeezed between the increase in expenses and poor wages.
In the present situation, the cost of renting or purchasing new houses is so high that these individuals cannot afford it. There is a short supply of affordable workforce housing units in the city centers. Hence, it has increased their suffering and difficulty. More so, it increases their expenses on regular transportation with mounting commute time. It only makes their life more miserable.
Affordable houses are more than a structure
It supports your personal and professional development. House has an impact on the personal and professional life of an individual. A house is more than a concrete structure since it relates to security, financial stability, and health. It influences your personal and professional development and your strength.
Hence, affordable housing affects an individual in multiple ways. Remember that it can transform communities and project them to a new future, believes Maxwell Drever. With this, affordable housing has various other benefits, which are listed below:
• Affordable and quality housing attract the workforce. It includes firefighters, teachers, cops, nurses, and others, as they are the major service providers of the economy.
• Since these houses are near the job location, it reduces the commute time and helps residents reach their work location easily. It also helps them grab job security by improving their financial status.
• The workspace helps these individuals get imperative products and services with employment chances.
• Community centers assist these people in getting like-minded individuals and thereby helping them live together. It helps them with entertainment and improves their education and skills.
Affordable workforce housing is beneficial for the workforce population and other sections. Hence, whether investors or developers, each team can grab this opportunity to improve their finances.
Issue of affordable housing
The main issue with affordable housing is the low supply of residential units. Remember that there is a gap between demand and supply. These individuals who spend 30% of their income paying rent are hard-pressed by their stagnant wages. They have an area median income falling between 60 to 120%.
Hence, they cannot spend more than 30% of their income on paying rent. As a result, the demand for affordable residential units has mounted. Maxwell Drever believes that a lot of research becomes necessary to reveal how governmental institutions, landlords, and hotel owners can support the workforce population. Remember that the need of the hour is a combined effort of public and private institutions to encourage the development of affordable housing projects.
Now that you know so much about the affordable housing crisis, it’s time to develop an optimistic temper. The use of society’s resources and positive attitude among different sections is vital. Remember that governmental institutions are there to monitor the work of private institutions. Hence, collaboration between these two sectors is necessary.