There are several myths and misconceptions about affordable housing. They are born due to negative assumptions about the impact on property values and societal change in neighborhoods. While these tend to come together to oppose the establishment of affordable housing communities, in reality, the lack of affordable and secure housing is costing many cities in America dearly. Cities unable to cater to the demand for affordable housing lose residents, a part of their workforce, and prevent their local economies from growing to their potential. Moreover, the high prices of housing mean people cannot afford to buy properties, work, and spend locally. Some typical benefits of affordable housing development:

A More Economically Vibrant Local Community

With rent being the single biggest head of expenditure in their budgets, people have less to spare for spending on other things. As may be imagined, this hurts the local economy. One of the biggest fallouts of lower rents in affordable housing is that the residents have more money to spend on other items, observes Maxwell Drever. However, with rents being lower due to affordable housing units, the residents are in a more financially comfortable situation and can indulge in discretionary spending on local purchases for better quality food, better healthcare, leisure, and entertainment.

Lesser Chance of Being Evicted

According to studies, some 108 million people in America live in rented properties, and a quarter of them spend more than half of their monthly income on rent. It means that for a large number of people, even one unexpected expense may leave them without the money to pay the monthly rent that can leave them facing eviction. With the unemployment rate rising to 10% due to the pandemic, people are already tightening their belts and making various sacrifices in their spending on groceries, childcare, education, healthcare, etc. to pay the rent. With many workers making just enough to pay their rent every month, the threat of eviction is a harsh reality and likely to have severe repercussions for several generations. Also, a high rate of evictions harms the social and economic well-being of the community. For this reason, affordable housing is at the heart of a thriving community, says Maxwell Drever.

Healthier Population Translates To a More Robust Economy

While it may not be readily apparent, housing has a significant impact on an individual’s health. Being poor severely restricts the person’s options, which is the reason; the poor have a large number of health problems. Poorly constructed or maintained housing itself may be the reason for poor health due to environmental contamination and hazards, many of which affect the young and the old. The expense of treating illnesses can be more than that the poor can afford, and it can also impact their ability to afford healthy food and routine healthcare.

Conclusion

In addition to the compelling arguments already presented in favor of affordable housing, one of its most enduring impacts is the creation of job opportunities during the construction, and thereafter for leasing, maintenance, and operations. With the additional tax income, the government will also be in a better position to fund the development of the community