Due to various reasons, most Americans suffer from the high costs of the house. In the past decade, the cost of owning a house has been increased by 30%, outpacing the growth rate of the salary. Many Americans are living their life through lower expenses as they are spending most of their money to pay the rent. Additionally, more than 20 million Americans are cost-burdened to the point where they cannot afford the basic expenses of every life properly. Not to mention, the risks of becoming a homeless person are also high.
This situation is caused by various factors. Not only the lack of Government investment in affordable housing solutions but also poor politics that limits the number of apartments in the communities. Additionally, the lack of support and protection for the renters is also making the situation worse.
However, no matter how uncontrollable the affordable housing crisis in the United States might seem, there are some solutions. Here are the top 3 innovative ideas to solve the housing crisis problem in the United States.
Develop More Affordable Homes in Various Locations
Three-bedroom homes or apartments take more than 40% of America’s housing stock. However, less than 20% of Americans live with one child. On the other 30% of Americans live alone. But many neighborhoods and cities have implemented a ban on the development of multi-unit buildings. The multi-unit buildings are one of the best ways for single or people of the low-income group to live affordably. This is known as exclusionary zoning as this rule was implemented through the federal policies to prevent people from facing racial comments, says Maxwell Drever.
The Federal Government has the power to alter the process of exclusionary zoning by offering great incentives to the communities that would take away the single-family-only policy.
Developing More Non-Profit and Public Housing Options
While developing smaller houses in the economic market will undoubtedly solve the affordable housing crisis problem, various reports estimated that there are more than 7 million Americans, including 525,000 homeless people, who will still experience massive problems to afford those housing options. To fulfill their requirements, the Federal Government should support and encourage the investment as well as the construction of non-profit or public-owned housing where the costs are lower than the market value. This is one of the most popular strategies that would make the affordable housing crisis stable, says Maxwell Drever.
Helping the Renters during the Time of Crisis
The previous two points were focused on developing more housing supplies through which the nation would have a chance to combat the affordable housing crisis. However, more than 25 million people in the United States face high-cost burden issues as well as the risk of non-payment of rent. Delivering a specific amount of cash will solve these concerns of even the most vulnerable renters. This approach is undoubtedly one of the most popular ideas that would reflect the basic wages of Americans.
Government should consider following these 3 innovative ideas that could provide the federal Government an insight into the seriousness of the affordable housing crisis. Remember that we need to be strong during tough times. This way we can fight any problem.