Affordable housing has become a necessity. Four walls, and a shelter over your head, is not just a house; it becomes a home. It becomes a place that provides shelter, nurturing as well as protection to its inhabitants. But in recent times, housing accommodations are not easy to find, let alone affordable ones. A large section of the society spends a more significant part of their income only on housing. At the same time, the rest are homeless, without any accommodations to spend their savings.
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When individuals would have access to affordable and decent housing systems, it would automatically provide a sense of stability and sustainability to homeless families who are struggling with expensive housing. It will also decrease the risk to a large section of vulnerable homes that fear evacuation.
Maxwell Drever emphasizes that affordable housing ensures a stable living condition, promises a variety of benefits, and helps enrich the quality of life for residents. The advantages of affordable housing are comprehensive and capable of transforming communities, particularly when the housing system gets established considering the urban development.
Affordable housing ensures stability, security, and much more. The benefits include:
Financial Security
In recent times, housing costs have skyrocketed. Be it home-owning or rental; housing expenses are high. Low-income groups struggle the most in such cases when a large part of their income goes for housing. At the same time, the remaining portions make it challenging to get by with other living costs; it also results in difficult opportunity costs.
Here is where affordable housing can make a difference in the living conditions of low-income families. Cost-efficient housing helps save up expenses that you may spend on other more essential needs and may play a role in future savings. Affordable housing makes families financially secure.
Better quality of education
It is a common cause that unstable housing systems seriously damage a child’s performance and achievement at educational institutions. It even plays a significant hand in leaving long term effects on the mental well-being of that individual. Once affordable homes get established, children from low-income groups can enjoy the security and benefits of quality education without the housing worries.
Budget housing systems also help create a secure and stable atmosphere for kids, resulting in enhanced educational outcomes.
Health Benefits
Homelessness and instability in housing matters lead to adverse effects on overall health. Better quality housing can significantly improve individuals’ overall health and leave satisfactory amounts to cover health care and food essentials. It also increases the chance of accessing better quality amenities.
Savings on transportation costs and easy access to transportation
The last decade has witnessed a dramatic increase in transportation and household expenses. As already mentioned, a large proportion of income goes towards housing, and when you include transportation costs in the budget, nothing is left to manage other household expenses. Hence, most localities and regions lack proper transportation systems and have poor transit access where low-income groups are concerned.
Budget housing systems provide easier access to public transport that helps residents of low-income communities in their savings, a more straightforward approach to quality jobs, health improvement, and more.
With a wide array of benefits, affordable housing has become a necessity, a dream for many vulnerable.
