Stability in Communities Starts with Affordable Housing

On an individual level, affordable housing gives people the solid stability that only a home can provide. With access to secure homes, vulnerable populations of our society are able to take the necessary steps toward a better future. 

Unfortunately, many do not view it this way. Lack of affordable housing is a pressing problem across the country. Take Hollywood for example, over the years the city’s historic immigrant neighborhoods and mom & pop shops have fallen victim to rising rent and evictions. Since 2000, the area has experienced an “exodus” of lower-income residents. 

Previously, we’ve covered the benefits that affordable housing initiatives can have on individuals in regards to health, income, and education. But COVID-19 has brought new light to this crisis. In fact, just earlier this year, data showed that more than 60% of the renters in New Orleans are “cost burdened,” meaning they spend more than 30% of their income on housing costs. 

While it is undeniable the effect affordable housing initiatives can have on vulnerable populations, people fail to recognize the positive impact it can have on communities as a whole. 

A secure home promotes physical and emotional wellbeing for a family. As a result, family members are more likely to seek gainful employment. Given the pandemic and a shift to remote working, stable housing makes it more likely for a person to stay gainfully employed.

When a community’s members maintain employment, it stimulates the local economy. In her article “6 Ways Affordable Housing Can Boost Local Economies”, Chelsea Dolan examines the issue: “Maybe the most obvious economic benefit of affordable housing is the increase in discretionary spending... when residents of affordable housing communities can make their rent payments, they’re able to spend more on local purchases.” 

Building affordable housing properties not only stimulates the local economy, but it also provides more job opportunities. The National Low Income Housing Coalition found that “building, preserving and sustaining affordable housing” produces on average 161 new local jobs in the first year alone. This can have a snowball effect because the more money available in a community means the more likely long-term change will be. 

Taking the necessary actions to provide affordable housing is vital. Individual families need this security in order to thrive. Spending less on rent affords them the opportunity to buy healthier foods, join gyms, invest in education and in their wellbeing. It also decreases mental and emotional stress so they are able to maintain employment and pursue education.  

At the same time, taking these initiatives will also provide communities with thriving members who are healthy, educated, and able to participate in the local economy. Affordable housing is a valuable first step in the right direction in order to solve so many major issues plaguing our society.

To see this principle in action, be sure to check out Seneca Communities and our work at senecacommunities.com