The Significance of Affordable Housing

Everyone is entitled to decent and affordable housing. From families to single professionals, having a home they can afford to live in meets the requirements of a basic human need. Shelter is an important need as much as a right. It plays a big role in our well-being and can make or break our quality of life.

Why Do Families and Individuals Need Affordable Homes?

As an old saying goes, "your home is often a reflection of you." It tells a lot about your state of mind or the state of your finances. But there is more to this than meets the eye. A decent home offers the following advantages:

Continuous Education

According to research, children living in stable and affordable housing quarters tend to perform better in school and may likely pursue their education without disruptions. Security starts at home. In addition to a nurturing environment, children need a clean and decent place to live in so they can grow up healthy, happy and confident.

Better Physical and Mental Health

Studies also show that having decent shelter reduces stress levels, body toxins and the onset of infectious diseases. It has a positive impact on one's physical and mental health. Similarly, adults living in quality and sustainable properties are unlikely to fear eviction or foreclosures, which are the common concerns related to high housing costs.

Increases Economic Activity

Affordable housing also indicates a vibrant and thriving economy. Communities that offer affordable homes have the resources to sustain their workforce and attract more. Employers often benefit from this situation and use it as a selling point to attract potential employees.

Abundant affordable housing opportunities help stimulate economic growth, provided there are options for different demographics including seniors, fresh graduates, families, the business sector and single professionals.

Empowers Local Labour Force

Young professionals find it advantageous to live near their place of work. If there are affordable properties in Canberra, they can easily commute from their workplace to a nearby apartment. Generally, shorter commutes are a win-win for workers, who need more quality time with their families. Decent homes being in close proximity to income sources benefits the community as a whole.

Should You Rent or Buy a Home?

If affordability is what one seeks, then would it not be reasonable to just rent a home? While this is true in some respect, both rental properties and homeownership are necessary to meet the varying requirements of a diverse community.

It is also important to note that low and moderate-income families can hardly afford to buy property and the maintenance costs that go with it. Many of these families have also lost their homes to high mortgage rates and foreclosure. Renting property is therefore the most reasonable financial option.

Home rentals are also a lifestyle choice. Small families and young professionals prefer to rent homes due to budget or work arrangement concerns. Some jobs involve moving from place to place, in which case renting makes more sense. Not all people are invested in their communities, unlike socially active homeowners.

Renting a property is seen as a stepping stone for individuals and families who need more time to increase their savings. Once they have the financials covered, they will prepare for the next step and upgrade to homeownership. After all, homeownership is an important aspect of the property market. As long as home prices and mortgage terms are suitable to the allocated budget, buying your own home can be an affordable option.

Ask Us About Affordable Homes

Are you ready to begin your journey as a homeowner? You're welcome to talk to our team of experienced buyer advocates in ACT. Let us know what you are looking for in a Canberra property so we can secure listings that meet your budget expectations. We can also guide you throughout the purchasing process, ensuring you get the best deal possible. Browse our website and call or fill in the contact form to enquire.