It was in the early 1930s that affordable or public housing was first developed in America. By 2018, the need for affordable or low cost housing in the US has continued to rise. While affordable rentals have made a significant difference in the lives of individuals and families, there has not been a significant increase in wages despite the rising cost of living and exorbitant rent. As property prices continue to climb, it has also become harder for many people to afford to buy a house or get approved for a mortgage.
While people continue to struggle financially, Federal Government has made funding including rent assistance available to those who cannot afford their monthly rent. Unfortunately, there are also restrictions that have been encountered with these programs as many families have been unable to access the funds to assist with their housing needs. There are currently more than 1.2 million people who rely on affordable housing in the US.
While it is clear that the system remains under many legal, financial, and political constraints, the question is whether the affordable housing sector remains under a negative stereotype and whether it is improving the lives of those who need low cost homes as promised to them.
What is Low Cost or Public Housing?
The US public housing sector is managed by Federal Government housing agencies and authorities and was specifically developed for those who fall into the low income housing bracket. This includes people who cannot spend more than 30% of their income on rent, which is used as a general rule of affordability.
Affordable housing offers rent and security deposits at a much lower rate compared to a traditional apartment to cater to the needs of low income earners.
The very first types of affordable properties consisted of high rise buildings concentrated in select neighborhoods and community blocks. Today, many more apartment owners are offering affordable rent based on the earnings of potential tenants. But that doesn’t mean that many low cost homes that are not in high crime areas where substance use is rife. In 2021, public housing is synonymous with unsafe communities especially for families interested in raising children in affordable rentals.
When you ask the general public about their ideas on low cost or low income housing, they imagine families living in squalor. Many people who choose to live in affordable housing do so because they prefer to save on rent, they don’t want to live cost burdened, or they may have bad credit that they are prepared to work on by saving on their monthly costs.
Low cost housing is also available to qualifying individuals based on an assessment of their rental affordability.
If more people chose an affordable rental to save on expenses or to help them with extra cash every month to settle their debt, then more families wouldn’t have to live a cost-burdened lifestyle. One cannot deny that the stereotype of affordable housing has prevented many qualifying individuals from pursuing a home that is considered more affordable.
Investors also seem hesitant to proceed with affordable housing developments (despite the major demand) because of government restrictions and the possibility of losing profitability because limited monthly rent is issued.
It is important for us to start moving towards changing the stereotype. We need to understand the role that a low cost apartment plays for a family or someone who may have become unemployed and unable to afford regular rent. The onset of COVID-19 in 2020 has also affected the livelihoods of many people with increases in relocations to states with low cost living becoming a new trend.
While the public and low cost housing sectors have a long way to go, challenging the notion that all rentals or all people who live in affordable apartments are associated with crime, drug use, and delinquency is a harsh judgment to make. A change in the mindset of communities and a change in the approach by Federal Government can make the biggest difference in the lives of those who need a low cost home to rent.
