Stable and sustainable affordable housing is essential for households. Assuredly, it satisfies the requirement for shelter while also contributing to the well-being of all members of the home. Families with children also benefit on a larger scale, as research shows that kids living in sustainable housing are likely to succeed. Access to affordable housing is also credible to reduce stress and improve mental and physical health.
While it helps the health factor and other basic needs of households, affordable housing is also vital for the improved economy of communities. Affordable housing units allure employees to the community and retain them, giving a selling advantage to the employers of that particular area.
Affordable housing plays a meaningful role in supporting the local workforce with homes near their jobs. When the commute to work is short, the working class can spend quality time with family. Simultaneously, the community strengthens through low traffic congestion, fewer road expenses, and air pollution, explains Maxwell Drever.
The creation of affordable housing helps close the demand and supply gap and encourages economic growth. A wide range of options provides access to opportunities to all individuals as it benefits their financial conditions and helps give towards the betterment of the community. Affordable housing can be of different types, including rental housing at affordable rates, affordable housing at market rates, single-family housing units, duplexes, housing projects for seniors, etc.
- Affordable housing helps tackle issues of urbanization
There has been an economic alteration in recent years. The transition has increased the growing gap between low-income and wealthy groups while squeezed the working class. Further, home loans are still only sanctioned for those with more financial security. There is an inherent need to provide home loans at affordable rates by public officials. It would help build opportunities to offer affordable housing to the growing population while tackling the challenges that arise from urbanization.
- Affordable housing provides secure and safe living conditions
With the plummeting supply and price surge, additional factors add fuel to the housing crisis. These include:
● Households with no homes
● Families are living in insufferable conditions.
Households/families face social and physical limitations because of congestion in living areas.
Maxwell Drever says that these additional factors remain in a loop due to the high-interest rates on home loans, which further discourages many people from opting for homeownership. Therefore, affordable housing with subsidies and home loans with low-interests is the current need of the hour.
- Affordable housing boosts health
As mentioned above, shelter significantly enhances one’s overall health while reducing financial stressors and tension. Improved mental health also encourages a happy mindset and promotes productivity.
- Affordable housing helps create jobs
Affordable housing not only provides residents with better job opportunities but also helps in creating jobs. Housing developmental projects captivate employers and employees, in turn creating jobs. Housing development also aids in generating tax revenues for public authorities and enhances public expenditure, which further boosts economic growth.
Affordable housing is essential for several reasons. Once the challenges got tackled, it would benefit the economic growth of a region and prove to be advantageous to the local populace.