Affordable housing

alt=https://www.huduser.gov/portal/pdredge/pdr_edge_inpractice_090814.html|thumb|Legends Park West Mixed-Income and Affordable Housing Redevelopment in Memphis, Tennessee
Affordable housing is a term for places to live that the average person can afford to purchase or rent. The cost of housing can refer either to rental housing or to homes which are owned by the occupants.  People with lower income can live there. 

Most people work full-time; they have a monthly income. To see if housing is affordable, people look at the amount of money that is spent on housing, in relation to the mothly income. When housing gets more expensive, people have to spend more of their income on it. Assuming that income doesn't increase, housing gets less affordable.  The Housing market sets the price for places to live. In many places, people who do not earn a lot of money, or who are in a difficult situation can ask the government for help.  They can then rent a place, where the state pays part or all of their rent. This is known as social or subsidized housing. Affordable housing can also help communities by keeping workers and families in the same area.  

The global financial crisis in 2008 caused huge changes and many problems in the world banking and housing systems. By 2011 home prices in Ireland dropped by about 45%. In the United States, prices fell by 34%, and foreclosures went up.

According to USA Today, homes in 2019 in the United States were  least affordable to purchase compared to any other year in the last  ten last years. This is because home prices are increasing much faster than wages. Cities with large universities were a good choice for university students after they graduate. For example, the University of Wisconsin-Madison in Madison, Wisconsin has very affordable housing.

According to Bloomberg News, Berlin has decided to freeze rents in the city because there was not enough affordable housing.

Related pages
 Housing in Hong Kong
 Housing in Toronto
 Housing in Vancouver
 Right to housing

References

Category:Housing