Affordable housing is affordable housing that is affordable to those whose income is relatively below the median household income; this includes a homeless shelter and transitional housing. The government also decides to give subsidies for affordable housing or develop a scheme that intends to build houses that are easy to afford; for example, the Prime minister of Pakistan came up with a housing scheme so that all the homeless people can have a house they can afford. Affordable housing must address the housing needs of the lower and middle class; affordable housing becomes a significant issue, especially in developing countries where the majority of the population cannot buy proper housing.
WHY IS AFFORDABLE HOUSING IMPORTANT?
Decent, affordable housing is essential for families, especially for children; it helps in reducing stress, diseases which lead to better mental and physical health. Affordable housing also means people don’t have to spend too much money on their homes and spend it on other things such as their children’s education. Affordable housing overall benefits the economic situation of a country. They can help the workplace own a house near their workplace. This leads to them spending less time traveling, and they can also spend time with their families. Affordable housing will lead to less homelessness in society, as making homes affordable will mean that more people will have their place. Communities will flourish as this will benefit their physical and mental health.
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ADVANTAGES OF AFFORDABLE HOUSING
CAN HELP TO REDUCE POVERTY
Affordable housing means families don’t have to give so much money for the rent, and hence they can spend that money on other stuff such as better food, lifestyle, education. Usually, when people spend so much money on paying the rent, they don’t have money left for anything else. But now, when they can spend money on their children’s education, they can help them come out of poverty.
CAN HELP END HOMELESSNESS
One of the significant problems that almost every country faces is homelessness; as many people can afford to rent or buy their place, they are forced to be homeless; affordable housing means everyone can have a place to live.
HELPFUL FOR PEOPLE WITH LOW INCOME
As we live in a world with inequality everywhere, there are people whose income is so much that they can afford multiple houses, and then there are people whose income cannot even let them afford one single place to live.
The elderly, once they are retired, benefit from this as well. They can live in affordable housing, older adults who might have enough income to pay for their rent can easily benefit from affordable housing.
Overall affordable housing to be developed every whereas it helps eliminate poverty and homelessness. Affordable gives everyone a chance to be a homeowner.
Muhammad Junaid is senior Analyst, and Search Engine Expert. Extensive experience being an IT Manager in Park View City Islamabad. Work for years with local and international enterprises. Also, represent well-known brands in the UAE.