The Future of Affordable Housing
By Homz | February 17, 2023
Renting a home has become a popular option for many US citizens, but it can also come with a heavy financial burden. In fact, housing is one of the biggest expenses for renters, especially with the ever-rising housing interest rates in the US. In many cases, it can consume a significant portion of their income. In 2020, 46% of US renters spent over 30% of their income on housing, which is considered the threshold for affordability by the US Department of Housing and Urban Development (HUD).
However, these numbers only tell part of the story. The high cost of housing is not only a strain on renters’ wallets, but it also impacts their overall financial well-being. The average renter spends half of his or her income on housing, leaving little room for other necessary expenses such as food, transportation, and healthcare. In recent times, these other expenses have skyrocketed due to high inflation in the US, making it even harder for renters to make ends meet.
Thus, although rental living is in high demand, housing prices are too high for many renters to afford. This financial burden can impact renters’ mental and physical health, as well as limit their ability to save for the future and maintain a healthy lifestyle. But HOMZ offers an effective solution to overcome all these challenges.
An affordable and value-driven housing option
At HOMZ, we believe that renters should have access to both affordable and quality living. Our vision is to construct 50 attainable housing communities nationwide that prioritize affordability, wellness, and amenities. These communities are designed to meet the needs of modern renters, offering a range of facilities that make the housing experience more enjoyable, convenient and comfortable.