AFFORDABLE HOUSING MYTHS
Misconceptions about affordable housing holds us back from creating stronger communities.
It’s no secret that mortgages and rent are expensive, and these costs often keep families and retirees from safe, quality, comfortable dwellings. Unfortunately, the question of more affordable housing is a controversial one, full of old misguided understandings of the true impact of affordable housing still remain.
We’re here to address these myths so that we are all operating from the same factual foundation. Then we are able to build more sustainable, tighter-knit neighborhoods.
Contact us with any questions about affordable housing or our developments.
Learn the truth: Be informed. Education is the premise of progress.
Repeated research shows affordable housing has no adverse effects on home prices or on the speed or frequency of sale of neighboring homes.
Many studies have been done, and the single most significant factor affecting property values is the preexisting value of the land in a given community or area. This in-turn is based on supply and demand, proximity to major urban centers, nearby attractions, any negative factors such as environmental contaminants, and availability of adequate infrastructure and services. Architectural standards and adequate maintenance also strongly influence property values, particularly as they apply to affordable rental properties. Properly maintained affordable housing developments, designed and built with sensitivity to the architectural and aesthetic standards desired by the community, may even increase property values. Affordable housing brings new investments into the community, which in turn maintains or increases property values. Our buildings are also beautiful and the ones we own are well-maintained. The only thing that makes them different from market-rate housing is that they’re available for select residents at a rate that is aligned with residents’ income.
Affordable housing will drive down property values.
Affordable housing must comply with the same building restrictions and design standards as market-rate housing.
Furthermore, the housing is funded in with public and private funds and sometimes needs to comply with additional restrictions and higher standards than market-rate housing. Additionally, we Affordable housing is not affordable because of shoddy design or low-quality construction; it is affordable in the sense that it is less costly to live in because it is supported by additional public and private funds.
Affordable housing looks "cheap and undesirable."
According to the U.S. Census Bureau, rental apartments have fewer children per unit on average than owner-occupied, single-family housing; rental apartments contain a lower percent of units with one or more school aged children; and rental units have a lower average number of motor vehicles per unit.
In addition, studies found that multi-family housing development did not increase school costs. Affordable housing helps reduce the number of cars on the road by allowing working people to live neat their jobs. In addition, studies show that affordable housing residents own fewer cars and drive less often that residents of market-rate homes.
Affordable housing will bring lots of large families to the community, thereby increasing the burden on schools and roads.
Many people assume that affordable housing only benefits the poor and unemployed. You’d be surprised by the people who are impacted by a lack of affordable housing.
People who need affordable housing already live and/or work in your community:
Local Enforcement Officials and other first responders (police officers, fire fighters)
Lab Technicians and other health care workers
Support Staff for Schools (bus drivers, cafeteria workers, janitors, etc.)
Military Personnel and Veterans
Entry-level salaries vary greatly from state to state, but careers like these are the foundations of the neighborhoods we operate in.
The word "affordable" simply means that a household should devote no more than 30% of their income to rent or mortgage payments and utilities. Most residents of modern affordable housing developments work fill-time at low or moderate-income jobs. A rent increase, divorce, job loss or other adverse circumstances may cause others to need affordable housing. Many people who need this housing are already working in our cities and towns. The question is whether they can afford to remain here.
Housing earning lower incomes can have a variety of occupational and educational backgrounds. Families earning less than four-fifths (80%) of the area’s median income are officially lower income households; families earning less than half of the median are known as very-low-income households. For example, an Entry Level Teacher salary in CT is $45,624.00, a gross monthly income of $3,802.00. That can afford them a monthly rent of $1,140.60, which qualifies as low-income of the teacher lives alone; if the salary must support a spouse or child, the family would be a very low-income household. Air-traffic controllers, librarians, police officers, licensed practical nurses, fire fighters, and many other members of our communities all need affordable housing.