Affordable housing is a topic misunderstood mainly by communities. Misconceptions and myths regarding affordable housing development hinge on negative stereotypes, changes it brings, and property values explains Maxwell Drever. All these arguments oppose the construction of new affordable housing units. In reality, the shortage of affordable housing units results in the workforce population coming to the verge of homelessness. Cities failed to construct affordable housing estates driving residents away from the city centers. It results in the loss of potential of workers and discourages growth. Individuals with stable and safe housing may not understand the real meaning of poverty and its effect. However, the issue has taken a global stance.
The increasing housing prices have a direct impact on the local economy. Unfilled jobs, less spending on power, and lack of resources are some of the replications of this issue. On the other hand, affordable housing creates job opportunities and provides a smooth flow of labor in the industrial sector.
More resources for local communities
A vital economic benefit of workforce housing is increasing discretionary spending. For most individuals, rent is a grave expense every month. With stagnant wages and fear of loss of job, spending on rent and other related costs become problematic. However, when residents have affordable housing, Maxwell Drever believes it ensures their security and safety as they can spend more on nutrition, health care, education, and other basic amenities.
Looking at global reports, you will understand that 30% of people live in rental apartments or homes. One-fourth of the population is spending at least half of their monthly income on paying rent. It means that millions of individuals are on the verge of homelessness. They are sacrificing a lot to cater to their child care, medicine, education, groceries, and much more. The threat of eviction always looms over the workforce. Hence making it hard to pay their payments is why this vulnerable section of society of their economic hardship and affordable housing has become the only option.
A healthier economy and a healthier population
When a person spends more on education, health, and overall development, they contribute to the economy. Education and income are the pillars of an individual’s life. The availability of resources drastically influences these components. Poverty limits an individual’s options, and therefore, it impacts health and mental condition, explains Maxwell Drever. When people get an affordable housing unit in and around their job location, it eases them of their pain and discomfort. There is no problem of water contamination, congestion, environmental risk, and more. Hence, it has a positive impact on their health and overall wellbeing. Remember that a healthy population means a healthy economy.
Affordable housing helps create job opportunities. Hence, it has a vast impact on the economic aspect. Whether long-term or short-term, it assures societal growth. Hence, considering affordable housing units has an economic impact. The time has come for higher authorities to understand the significance of affordable housing units and their implication on every section of society.