Affordable housing is a concept primarily misunderstood by people. Misconceptions and myths about cheap housing development hinges on fear of negative stereotypes, changes it brings about in neighborhoods, and property values. Of all these, the typical argument is always against the development of affordable housing units says Maxwell Drever.
In reality, affordable housing is a dwelling for the workforce. These individuals, who are hard-pressed by economic stagnation, require a solution for their lodging. However, real estate industries show a different story. Getting stable and safe housing may not look like a problem for most individuals. However, it is a serious matter for the workforce population.
Money spent on local communities
An obvious monetary benefit of affordable housing is the improvement in discretionary spending. For most individuals, rent is a significant expense every month. When a lack of job and income loss threatens an individual’s ability to meet rent payments, they must undergo fiscal hardship. However, when these individuals get affordable residential communities around their job location, they can spend more on regular expenses and contribute to the local community.
Around 108 million individuals live in rental apartments or homes, and a significant portion of these spend half of their income paying rent. Hence, millions of individuals cannot spend more than 40% of their income on housing. Maxwell Drever says it compels them to sacrifice other essential aspects like childcare, medicine, education, and groceries. The eviction threat is a fear for the workers who contribute to the economy in different capacities. Reality is hard for them. These individuals are enduring long-lasting effects, which impact their family and their lives in totality.
A healthy means of living gives a healthy economy
Housing is a social determinant of a person’s health. Among other aspects like education and income, housing is a significant component influencing a person’s mental and physical wellbeing.
- Poverty limits an individual’s choices.
- Most individuals coming from low-income families have to manage poorly constructed and maintained homes.
- They have to deal with water contamination, environmental risks, etc.
As a result, affordable workforce housing in city centers is the only means to solve this issue.
Better government infrastructure
When more residents pay property taxes, federal and local governments can provide better to their citizens. Countless studies reveal that home building links to governmental infrastructure, explain Maxwell Drever. When you have people paying you regular taxes, you can invest that revenue in local infrastructure building. The increased revenue plays a vital role in improving infrastructure, making areas greener, and also adding significant elements to make the area a healthy city.
When the economy has more affordable housing units, there are more job opportunities. More individuals in the construction phase and the long-term maintenance of these units become necessary. Remember that affordable housing is a part of the local economy. Hence, it would help have a smooth flow of affordable workforce housing for a healthy economy.