Affordable Housing (Repost from March 2024)

Hello again!

This month, we want to explore an important term: affordable housing. We have mentioned (repeatedly) that a lack of affordable housing is a major reason why many of our families experience homelessness and struggle to move out of shelter. But what do we mean by affordable housing?   

According to HUD, affordable housing is housing in which the household is paying no more than 30% of gross income for housing costs, including utilities. For context, in Durham, 46% of households that rent have difficulty affording their homes.

When housing costs exceed the 30% threshold, even a minor financial setback can result in a family losing their home. This happens all too often. And once a family has an eviction or foreclosure on their record, it becomes even more challenging to secure future housing.

According to the National Low Income Housing Coalition, communities that provide access to and invest in affordable housing can generally see higher wages and related economic boosts, reduced childhood and intergenerational poverty, and increased economic mobility for all.