The Impact Affordable Housing Makes for Communities

Affordable housing is more than just providing a roof over someone’s head; it is a catalyst for community growth, economic stability and social equity. With rising housing costs outpacing wage growth in many regions across the United States, the need for affordable housing is critical. The truth is that there are profound effects that affordable housing can have on communities, which are supported by statistics and real-world examples. And we’ll talk more about that in this blog.

Economic Stability and Growth

Many people may not know that affordable housing plays a vital role in boosting local economies and fostering community development. According to the National Low Income Housing Coalition, “the shortage of affordable housing costs the American economy about $2 trillion a year in lower wages and productivity.” Families with lower incomes have more constraints on them and often miss out on opportunities to increase their income which leads to lower GDP growth. Since the 1980s, wage increases have not been near the 416% increase that we see in the housing market. And while wages have increased in some major cities, the cost of living continues to rise and more and more people are spending over 30 percent of their income on housing expenses.

When you think about affordable housing it is important to think about the job creation it creates during the construction phase and then the maintenance phase that comes after. Local spending increases because consumers no longer feel the burden of rising costs which allows them to buy things that are not considered necessities. Affordable housing leads to an increase in local income for the surrounding communities which leads to an increase in tax revenue for the local government.

Health Benefits

Stable, affordable housing is directly linked to improved health outcomes and a reduction in hospital visits. Families that live in affordable homes have less stress and can afford healthier options in food and preventative healthcare. Children living in stable and affordable housing experience fewer chronic conditions such as asthma and lead poisoning because they are living in housing that is less exposed to hazardous waste, insects and materials.  While adults living in affordable homes have less psychological stress. The stress associated with the lack of affordable housing causes depression and psychological distress which leads to a decline in mental health.

Conclusion

Affordable housing is no longer an option it is a need-to-have in this era. That is why we at Hestia Housing Company are paving the way to make affordable housing a staple. By investing in affordable housing, we not only provide shelter but also a foundation for better health, economic growth and increased well-being for individuals and families. Join us as we strive to increase inclusivity and elevate communities.