The affordable housing market is defined as housing that is priced lower than the market rate, with the contention that it is acceptable for a household to afford. The affordable housing market is an important part of the economy, especially for renters and households that do not qualify for low-income housing. Households have options when it comes to finding an affordable home the U.S. Department of Housing and Urban Development reported that 9.5 million rental properties exist today, with around 3 million people seeking affordable housing options to live independently and afford a home or apartment that is safe, affordable, and within their means.
List Description Of Affordable Housing Market In The U.S.A
The affordable housing market is more relevant now than ever before. They have three factors: rising rents, lack of space in the existing stock, and scarcity of housing available. Therefore, there is a huge demand for housing lots that are cheaper compared to new apartments and homes.
- Detroit, Michigan
Detroit, Michigan is home to one of the largest and most diverse affordable housing markets in the country for the middle class. Detroit ranks in the top 10 affordable housing cities in America. The number of homes that are affordable to low-income renters and homeowners far outnumbers those neighborhoods with more expensive rents. Prospective buyers need
- Median household income: $26,440
- Cost average of a house (4 bedroom): $65,000
- Population: 677,200
- Cleveland, Ohio
In terms of earnings, people living in places like New York earn higher wages than those residing in Cleveland Ohio, however, when it comes to expenses, those in Cleveland spend way less.
As a leader in the housing and revitalization field, Cleveland has made significant progress to tackle the affordable housing crisis. The region has been designated an Affordable Housing Region by the U.S. Department of Housing and Urban Development (HUD) for its path forward in meeting this challenge.
- Population: 388, 076
- Median household income: $26,179
- Average cost of a 4 bedroom house: $73,075
- Rochester, New York
There are numerous tax credit programs, as well as federal and state subsidies that can help make owning a home easier. The city has an extensive stock of affordable housing, with thousands of rentals and for-sale properties meeting different families’ needs.
- Population: 211, 432
- Median household income: $56, 124
- The average cost of a 4 bedroom house: is $156, 200
- Scranton, Pennsylvania
Many affordable housing options help people gain access to safe, stable housing. In Scranton, PA affordable housing means you can live in a clean home in a neighborhood that offers the amenities you need. Affordable housing includes high-quality apartments and homes, senior housing, and HUD properties for low-income families, single moms, and seniors.
- Population: 77,128
- Median household income: $37, 850
- The average cost of a 4 bedroom house: $ 105, 056
- Wilkes-Barre, Pennsylvania
The cost of housing in Wilkes-Barre is a major factor when choosing where to live. In addition, there are many housing options available in this city. The majority of these homes are single-family detached homes while some are condominiums and townhouses.
- Population: 41, 176
- Median household income: $31,361
- The average cost of a 4 bedroom house: $94,436
- Augusta, Georgia
Augusta, Georgia has a variety of affordable housing options, from small apartment complexes to single-family homes to affordable duplexes. The city has an active affordable housing initiative as well as numerous programs such as Neighborhood Housing Services, Affordable Housing Trust Fund, Augusta Housing Authority, and many more that assist with creating opportunities for residents who need help making ends meet.
- Population: 197, 182
- Median household income: $37,567
- The average cost of a 4 bedroom house: $106, 567
- Jamestown, New York
Affordable housing in Jamestown, New York can be found in many different shapes and sizes. Many of them include assisted living communities and apartment complexes for the working poor. In addition, there is also senior housing and other types of low-income housing to choose from.
- Population: 30, 135
- Median household income: $31,200
- The average cost of a 4 bedroom house: is $88,921
Conclusion
Overall, there is a huge gap between the availability of affordable housing and its actual supply. According to the “National Low-Income Housing Coalition,” as of 2017, only 5 percent of all occupied households in the United States owned their homes; this number inclines to be lower among low-income families. The definition of affordable housing varies vary in each state, but it generally refers to housing that falls between 30%-50% of a household’s gross monthly income.
FAQs
- Does the high demand for affordable housing drive up the price?
Unfortunately yes, the high need for people to own an affordable home creates a competitive market which in turn leads to jerked-up prices.
- Is it cheaper to buy or rent a house?
This ultimately depends on one’s budget but in most cases, it is usually cheaper, in the end, to buy a house than to rent.
