The Real Challenge in Housing: Attainability, Not Affordability.
By Homz | February 20, 2023
Housing affordability is a pressing issue in many cities across the United States. While the cost of housing is certainly a factor in the affordability equation, it is only one aspect of the larger problem of attainable housing. Addressing the issue of attainable housing requires a comprehensive and coordinated approach, focusing on appropriateness, affordability, accessibility, and availability.
Attainable housing should be:
Appropriate in terms of size, space, and liveability
Affordable, costing less than 30% of a household’s before-tax income
Accessible to common services and located in desirable areas
Available, with a range of housing types to choose from
Here are some reasons why attainability is the real challenge when it comes to the US housing market:
- High demand:
- Lack of available housing:
- Inadequate planning and public transportation:
- Housing zones:
- Bias and discrimination:
In some cities, the demand for budget-friendly housing is simply too high. When there’s more demand than supply, prices go up, making it even harder for people to find an affordable place to live.
In many cities, the supply of affordable housing is limited. This means that even if the cost of housing is reasonable, there may not be enough units available to meet demand. This results in long waiting lists, bidding wars, and other barriers to entry that make it difficult for people to find a place to live.
In many cities, the lack of adequate public transportation can also be a barrier to attainability. People may be forced to live far from their jobs, schools, and other amenities, as affordable housing is rarely in convenient locations.
Zoning regulations in many parts of the country make it difficult to build high-density housing like apartments or duplexes. As a result, developers are being driven to focus on bigger, luxury houses, instead of multi-family housing. This high demand and low supply of housing only increase housing prices in the US for everyone.
In many cities, gentrification is pushing lower-income residents out of their neighborhoods. This can result in the loss of affordable housing units, as well as the displacement of long-time residents.
In some cases, discrimination and bias can also play a role in making it difficult for people to find budget-friendly housing. Landlords may be reluctant to rent to people based on their race, gender, sexual orientation, or other factors, making it even more challenging for those individuals to find a place to live.
As we can see, the shortage of attainable housing in the US is a major challenge that requires a solution.
At HOMZ ,we are leading the charge by creating attainable multifamily housing communities across the United States that do not compromise on comfort, convenience, or standards of living.