The Importance of Low-Cost Housing

Everyone deserves a place to call home. No matter the income, everyone should be able to afford somewhere to live, and this is why low-cost housing is so important. It’s necessary for a person’s survival, especially in the colder months and more miserable weather, yet far too many people struggle to pay their rent each month. In 2019, roughly 280,000 UK citizens were homeless with thousands more at risk of homelessness.

Low-cost housing is more than just shelter for low-income people. It’s a way to build a community with people in the area and stave off the negative effects of unaffordable housing. These negatives — high rent, unemployment, increased poverty, mental health issues, and more — can seriously impact people in a harmful way. Affordable housing contributes to a person’s well-being in several ways.

Health

Being able to afford a home has a positive effect on people’s mental and physical health. It frees up financial resources so that people can afford healthcare and nutritious food, gives those in low-cost housing a sense of stability and security, and relieves stress, which improves a person’s mental health. People with housing are less exposed to infectious diseases and won’t face the health risks that are generally associated with poor-quality housing.

Children

Having affordable housing is critical in ensuring that all children are properly looked after and that their well-being is fine. The quality of housing is especially important when caring for children — a study found that a house’s quality is the most important aspect for families, as low-quality housing increased the parents’ psychological stress and elevated emotional problems for the children.

Jobs

Investing in low-cost housing creates job opportunities for everyone. The number of jobs in an area is dependent on the number of people there, so having affordable housing will generate jobs that will, in turn, stimulate the economy. Long-term and short-term jobs will be created by employers attracted to the area, which will boost the amount of consumer spending in the area. Tax revenue for state and local governments will increase, as will job security, lowering the risk of evictions and foreclosures. With affordable housing, everyone wins.

To learn more, please visit Richard Carr, Bournemouth’s real estate blog.