We can't stop/won't stop talking about the skyrocketing cost of living in the Land of the Free. 😵📈 With the real estate rumor mill buzzing with another housing crash, Americans are #concerned about the future state of dwellings. 🏠
Owning a home is still a big dream for the average Joe. However, with a growing class divide, affordable housing in many parts of the country is becoming rarer than an albino peacock. 🦚
Affordable housing is often confused with public housing or subsidized housing, which is owned and/or managed by the government for the purpose of providing housing to low-income families. Here, we get into the definition and details of affordable housing and how it impacts communities.
Here’s Five Fast Facts on affordable housing :
- 🏘️ Define It - The federal Department of Housing and Urban Development (HUD) says an "affordable dwelling" is one that a household can obtain for 30 percent or less of its income. These properties are made available to lower-income families at less than market value through tax credits, vouchers, and other government subsidies. Requirements vary by state and city.
- 😱 The American Scream - Right now, there's a shortage of more than 7 million affordable homes. The USA currently has just under 11 million extremely low-income families. Oh, and also, there's no state or county where a renter working full-time at minimum wage can afford a two-bedroom apartment.
- 🙅🏼♀️ The Ick - Some reasons why people are against adding more subsidized housing is out of a fear of increased crime and decreased sense of safety. They also worry about potential tax burdens, increased traffic, and overcrowded schools. In some areas of the country, there's a negative perception of residents in low income areas, an unfortunate stigma that's older than dirt.
- 🥑☕ The Rent Is Too Damn High - Gentrification has also become more common in recent years and is tied to increased housing costs and affordable housing problems in major cities. Gentrification refers to what happens when higher-income people and the retail spots they love move into a neighborhood formerly dominated by low-income households.
- 💸 Go Fund Me - The 2023 President’s Budget wants $71.9 billion for the Department of Housing and Urban Development (HUD). That's almost $12 billion more than the ask in 2022. It's ultimately up to Congress to decide how much gets through.
🔥Bottom line: Americans are working harder than ever in what seems like a constant uphill battle. Although there's controversy around affordable housing, at the end of the day, everyone deserves a cozy home at a price they can afford. Read more about the impacts of a housing crash here and check out this article on the state of the American Dream.
What's your take on affordable housing?
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