- Increases property values and liquidity of residents and stimulates the local economy.
- It helps create jobs and opportunities for small businesses.
- Reduces crime and provides government support.
- Improves education outcomes, leading to increased economic growth.
- It enhances the quality of life and mental health within the community.
Affordable housing is a hot topic in many of your local communities, but the benefits of investing in this type of housing are often overlooked. In addition to providing shelter for those who may not be able to afford market-rate housing, affordable housing also has the power to strengthen your local economy and build up your community. Here are five ways affordable housing helps build up local communities.
1. Increases Property Values
Investing in affordable housing can benefit you and your local community by increasing property values. Studies have shown that investing in affordable housing can raise the value of properties in the surrounding areas by as much as 9%. This increase is because when people purchase homes at below-market rates, they are more likely to remain living there for longer periods of time. This stability can increase property values over time, providing a benefit for both homeowners and landlords.
Improved liquidity of residents
Increased property values can help to improve the liquidity of residents in your local community. When people are able to purchase homes at more affordable prices, they have more money left over each month to invest in other things, such as businesses, services, and entertainment. This increased investment into the local economy helps to create jobs and stimulate economic activity.
Affordable housing also enables residents to avail of economical home equity loans, allowing them to make further investments in their communities and start businesses. This is an excellent way of bringing more money into the local economy.
2. Creates Jobs
When you invest in affordable housing projects, you also create jobs for construction workers and other professionals involved with the project. Those jobs help stimulate your local economy by providing a source of income for community members. Additionally, these jobs can create opportunities for further economic development and growth within your community.
Small businesses
Affordable housing investments can also create opportunities for small businesses within your local community. Shopping locally helps to keep money circulating within the local economy, creating a multiplier effect that benefits everyone.
3. Reduces Crime
Investing in affordable housing can benefit you and your local community by reducing crime rates. Studies have shown that investing in these projects can decrease crime rates within a community by up to 20%. This reduction is due to increased security measures that come with building new homes and improved surveillance within neighborhoods with more foot traffic and people living nearby. Additionally, having a more populated area can lead to increased accountability and better policing of public areas and streets.
Government support
Many government projects to help reduce crime are also closely connected to affordable housing investments. The government often provides funding for programs that focus on the job training, education, and other services to help create a more secure environment in communities with high crime rates.
4. Improves Education Outcomes
When you invest in affordable housing projects, it can help to create a sense of community and pride among your local residents. Research has also shown that it can lead to better educational outcomes for students since they have access to resources such as libraries, after-school programs, and tutoring centers that may not be available elsewhere. Furthermore, accessing these resources can help bridge educational gaps between students from different socio-economic backgrounds, leading to tremendous success for all.
Higher graduation rates
By reducing the financial burden of heavy rent or housing payments, you can help many families save money and put it towards educational pursuits, leading to higher graduation rates. This increases their chances of succeeding in all areas of their academic lives and helps them develop skills that will benefit them later on. Additionally, this can lead to increased economic growth within your community as more educated individuals can take on higher-paying jobs that help drive the local economy.
5. Increases Quality Of Life
Investing in affordable housing can improve the quality of life in your community because it provides you with plenty of options when looking for suitable places to live. Access to safe and reliable housing allows members of your community to focus on other aspects of their life, such as education or career development. You will be able to enjoy peace of mind knowing that you have a secure home.
Mental health
Investing in affordable housing can also help to improve mental health within your local community. People who can find secure and affordable places to live are more likely to feel more secure and safe, leading to better mental health outcomes. Additionally, having access to social services such as counselors, support groups, and other resources that can help individuals cope with mental health issues can also benefit your community’s overall well-being.
In Summary
Investing in affordable housing is an excellent way for you to build up your local economy while improving the quality of life for its residents at the same time! Increasing property values, creating jobs, reducing crime rates, improving education outcomes, and increasing the quality of life among its inhabitants — investing in affordable housing proves itself time after time as one of the most effective ways to invest in your future success. With so many tangible benefits, it’s no wonder why so many cities across the country have made strides toward ensuring everyone has access to safe and reliable places they can call home.
