Decent and affordable lodging is significant to families. Indeed, it is one of the necessities of human beings. It contributes to their overall well-being, including physical and mental. Studies reveal that children grow well in stable housing and perform better in school and co-curricular activities. If they experience poor lodging, it impacts their mental development. Affordable, decent housing reduces the likelihood of infectious disease, toxins, and stress. Affordable housing helps families deal with a tight budget to spend on food and health care. Studies further reveal that affordable housing reduces stress, tension, and concerns about high housing costs.
For ensuring the community’s economic vitality, affordable housing plays a significant role. It can retain and attract employees to the city centers and provide them with a competitive advantage. It further supports the local workforce to live close to their job location.
What is significant- homeownership or rental homes?
The community has diverse needs. In such a scenario, homeownership and rental housing are significant. Rental homes fulfill the diverse needs of families belonging to a lower-income group. Low and moderate-income families with stagnant wages struggle with increasing expenses. They look out for rental houses that are a financially stable alternative, speculates Maxwell Drever. However, the supply of affordable housing is not that high. Hence, finding logging in and around job locations is a concern.
On the other hand, homeownership is a critical problem because of the rising cost of land and housing estate. The availability of affordable options is meager. Along with this, homeownership is beyond the affordability of low and medium-income groups. Although it provides security with other features, homeownership is not an option for the workforce population. Governments must develop policy options and subsidies to help real estate investors and developers undertake the new construction of affordable housing units.
How to deal with the issue?
If you look at the community, you will understand that every section of society comes forward to help the workforce deal with the problem. Increasing research is now being done on the affordable housing unit. If you look at it from the community’s perspective, you will see that homeowners are providing stable rental options to the workforce by converting their properties. Along with this, hotel owners have tried to grab this opportunity to transform their hotel rooms into housing apartments, reflects Maxwell Drever. It assures them a smooth flow of revenue and solves this issue of homelessness.
To limit this problem, communities must work together to ensure a sufficient supply of housing units. A proactive role in the government and aristocratic society is required to deal with the issue. Moreover, providing tax cuts to these developers and investors is another vital evaluation area. It is a combined undertaking of every individual. Whether it is higher authorities or the local individuals, everybody must face this issue. Affordable housing is quite a significant matter. Government should come forward to find solutions to the crisis. Workforce needs affordable ways to live.