The Two Things We Might Mean By Affordable Housing


The Two Things We Might Mean By Affordable Housing
By Scott Rogers • March 22, 2019
"We need more affordable housing in our area." I hear it regularly, and perhaps you do as well. But I think it's worth pointing out that when people say this they might mean two very different things... When talking within the context of folks buying homes -- "affordable housing" often means homes in a price range that makes them affordable for first time buyers in our market. That could mean "under $150K" for some folks, or even "under $200K" in some situations. But wait -- is a home that can be purchased for $145K (for example) an affordable housing option for everybody living in our community? Nope! Not at all. There are plenty of folks who can't afford the accompanying monthly payment, or don't have a downpayment, or don't have money for closing costs, or who wouldn't have savings if a home repair became necessary in the first year or two of homeownership. So, it seems there is another thing we might mean when we say we need "affordable housing" in our community - and that would be rental properties with a low enough monthly rental rate to be feasible for low income earners in our area to still have decent housing options. I think it is important for elected officials and other City and County staff to be thinking about how decisions that are made and policies that are set can encourage the development of affordable housing - but we'll need to make sure we're all on the same page about what kind of affordable housing we're encouraging - and perhaps they need to be two completely separate priorities. Encouraging the development of affordable housing for renters and affordable housing for buyers -- for lack of any better way to express it. Anyone have other thoughts on how to best describe or name these types of housing and the need for them in our community? Receive Updates by Email Recent Articles: Is There A Price You WOULD Pay For This House? There Are Plenty Of Types Of Houses That Exist That Just Are Not Available To Purchase Home Sales By Price Range In The City Of Harrisonburg Are You Compromising On Aspects Of Your Next Home That You Can Or Cannot Change Later? How Much Slower Are The Winter Months In Our Local Housing Market? Rockingham County and New Home Sales Drive Surge in Area Housing Market Find The Balance Between Optimistic And Realistic Home Pricing Room Size Is Difficult To Understand Solely From Real Estate Photos How Much Would You Value Not Having To Prepare Your Home For Showings? One Out Of Four Homes Is Taking Longer Than A Month To Sell
Have any questions? Contact Scott Rogers at 540-578-0102 or scott@funkhousergroup.com
Based on information from the Harrisonburg-Rockingham Association of REALTORS® or its MLS, for the period Jan 1, 2000 through Nov 24, 2024 (unless otherwise noted).
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