The cost of a house is increasing by 4% every year. Additionally, the latest news is also revealing that more than one-third of the millennials will never become a homeowner. This is a clear indication of the affordable housing crisis in the United States.
However, do you know how the bigger deal is the affordable housing crisis? Are there some solutions for their affordable housing crisis? Here are the top 4 ways through which the affordable housing crisis can be solved.
Develop Affordable Homes
While building new houses, if the cost of the property is extremely expensive, it won’t contribute anything to the affordable housing crisis. Instead of making the properties expensive, the Government should focus on developing more affordable and modest homes so that the first-time buyers can start their savings realistically.
When the Government of the United States starts building affordable houses, millennials will be able to make the right decisions while purchasing any house, added Maxwell Drever. This is undoubtedly one of the best ways to solve the affordable housing crisis problem.
Decrease Investor Power
One city where the affordable housing crisis is increasing rapidly is New York. Not only the population of New York but also the price of the apartments is also increasing. When you notice the price tag of the new flats in New York thoroughly, you will know that the city is fulfilling the demands. However, upon looking closely, you will realize that the price tags of the flats are out of reach.
Additionally, some flats in New York are clearly stated as “investor-only”. This means that the price of the flats is so high that only the real estate investors can afford it. The rent you pay to live in a 2 bedroom flat in New York could be anything from $1,500 to $2,500.
One of the best ways to reduce the affordable housing crisis in major cities of the United States is by stopping new developments being bought only by the investors.
Alternate Housing Options
Maxwell Drever says due to the housing crisis and extensive financial investment people who cannot afford to purchase a house or property are searching for alternate methods. Shipping containers, boats, and sheds are a few of the most common alternate affordable accommodations.
However, if we want this to be viable in the future, we need to remove the stigma attached. This is especially true when it comes to sheds and containers as more than 75% of people are considering them as modular homes. Additionally, more than 40% of people believe that they are less durable than the traditional options. Therefore, the affordable solution to the housing crisis problem is currently overthrown due to irrelevant assumptions.
They can also help cure the homelessness problem in the country. In the United States, many people convert containers into livable homes so that homeless people can stay there.
Reconsider Green Belt Land
Green belt is known as the area that stops the countryside from being spoilt. The green belt also helps the city from being too spoiled. While these areas should be protected from new developments, people need to take this step seriously.
To solve the affordable housing crisis problem, Government should fulfil the demands. This means that identifying and building affordable houses in suitable areas.