The need for affordable housing has never been more critical, not only for those who rely on this housing, but also for communities needing the social benefits of affordable housing.
Nationwide, for every 100 households that have income at or below 30 percent of the area’s median income, only 21 adequate, affordable, and available units exist. More than 60 percent of low-income renters in states such as Wisconsin have significant financial hardships caused by rent costs at 50 percent or more of a household’s monthly income. When rent makes up 30-50 percent of a monthly budget, it puts a significant strain on available finances to cover all monthly expenses, including necessities like bills, healthcare, daycare, transportation, and food.
Creating More Opportunities for Economic Growth
The positive impact of creating safe, stable affordable housing goes beyond helping financially stressed individuals and families. The social and community benefits of affordable housing also ripple throughout the neighborhoods and cities in which it is built.
Because people tend to spend money within their own communities, increasing the buying power of affordable households helps local businesses, which, in turn, are more likely to hire more people, creating a steadier income for more individuals in the community. This cycle of job creation, steady income, and economic growth is one of the most powerful community benefits of affordable housing, and challenges unfounded assumptions and fears around what affordable housing means for neighborhoods.
Supporting the Next Generation
Stable housing minimizes the number of times families move, which disrupts school attendance and significantly impacts the lives of children. For communities that rely on public schooling, creating a learning-positive environment is beneficial for everyone. When students succeed in school, their options throughout their lifetime expand and they have a much higher chance of breaking the cycle of poverty.
Improving the health of children and the local community.
Children living in affordable housing have a greater chance of being healthier. They are less likely to have developmental delays, emotional and behavioral difficulties, high stress and asthma, and delayed immunizations.
Investing in safe, stable, affordable housing, creates opportunities for growth, health, education and more–not just for renters, but for their larger communities. WHPC is committed to providing safe, stable housing that in turn gives back to local communities.