What is affordable housing?

Affordable housing is defined as housing for which the resident spends 30% of their income or less per month. Housing prices increase as areas draw residents with higher paying jobs, leaving local residents and skilled workers priced out of housing located in reasonable proximity to jobs. Without a variety of housing options at various price points, communities run the risk of losing viability, creating urban sprawl, increasing family instability for children, and the development of homeless populations in the area.

Affordable housing is an essential element of sustainable development that allows an area to thrive in key aspects of community life:

Economic viability:

Jobs of all skill levels are needed for economic activity. Greater job growth requires the development of diverse housing types to support the area’s ability to thrive economically and retain talent. By creating an ecosystem of workers and customers, local economies fuel themselves with a diversity of businesses and community resources requiring a variety of skill sets, thus ensuring talent retention. In addition, stable and affordable housing are more cost-effective investments for communities. Providing a range of housing choices creates tax revenue and produces savings from services that become less needed, such as jails, hospitals, and shelters for the unhoused.

Environmental health/climate:

Prioritizing affordable housing close to job centers decreases suburban sprawl and dependence on car transport. This minimizes the impact of development on natural resources and limits car emissions, which are the greatest contributor to climate change. Climate change’s impact on natural disasters requires intentional focus on those in lower-income housing and land areas that are vulnerable to disaster.

Social equity:

Creating a diverse network of affordable housing options helps stabilize families. This encourages the development of communities of people with diverse economic backgrounds in all stages of life and enables local residents to preserve the historic roots of an area. Affordable housing also allows areas to retain young professionals and talent and enables retirees and elderly residents to remain in the area without undue financial hardship or losing independence.