Supporting affordable housing initiatives has a wide-variety of positive outcomes for the entire community. You likely know someone, a family member, friend, or neighbour, who could benefit from diverse and affordable housing choice, but you may not realize it also has the potential to stabilize property values, boost the local economny, and ensure you are able to support yourself, or family, as your needs evolve or life circumstances change.
For low-income families, affordable housing is crucial for meeting basic needs and preventing homelessness. This ensures that a significant portion of their income is not consumed by housing costs.
For moderate income families, rising housing costs strain budgets and present challenges. Affordable market housing enables moderate income households to maintain financial stability and allows them to allocate resources to other essential expenses such as education, health care and retirement savings.
Young professionals and first-time homebuyers may have limited savings and face challenges in entering the housing market due to high home prices and interest rates. Affordable housing can help these individuals overcome financial barriers and achieve homeownership or find affordable rental options.
Seniors and retirees are also impacted by the availability of affordable housing as it allows them to maintain independence and ensure housing costs are manageable throughout retirement.
Many essential jobs such as those in healthcare, the service industry, and education, are lower-wage positions. Diverse housing choice ensures workers in these positions can live in the communities they serve, reducing turnover, unstaffed positions and business closures.
Additionally, when residents spend less on housing, they have more disposable income to invest in other necessities, such as health care, education and quality food. This increased purchasing power is key to stimulating local economies.
Affordable housing also helps attract and retain a talented workforce. When affordable housing options are available in the community, it reduces commuting times and costs, making it easier for employees to work and contribute to their local economies. Local businesses also benefit by ensuring that employees can afford to live in the communities they serve.
Several common (and sometimes unexpected) life circumstances may contribute to the need for affordable housing options; a wide-range of purchase and rental prices allows residents to stay in their community when life circumstances change.
These include:
As we, or our loved ones, age, affordable housing choice ensures residents have the ability to ‘age in place’. This means that residents can live in the same community independently and comfortably as they move into their senior years. Many seniors want to stay in the communities they have built a life in for as long as possible and diverse housing choice makes that a possibility.
When residents of different income levels have access to secure housing, it creates a community where people feel a sense of belonging and become invested in their neighbourhood. Often, the people who need affordable housing options already live in Airdrie. They are sharing housing with other family members or friends or are struggling to pay market rent by giving up meals.
Once individuals and families have stable housing, they are more likely to become invested in their neighbourhoods and engage in local activities, events and initiatives. They contribute to the social fabric of the community, fostering a sense of pride and collective responsibility.