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What is affordable housing plan?

Updated: 10/25/2022
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With changing Demographics and market needs the attempt to provide affordable homes in America has been going on for quite sometime now. Right from the 1980s the federal government has been making an effort to entrust the state and local housing agencies and the development communities to create affordable housing programs. In spite of the various housing strategies created by the local and state leaders and the strong economy of the 1990s the housing crisis did not look any brighter. What with the current economic crunch and the and the and a greater demand for affordable homes from working families and immigrants the housing need has become more complex. A lack of affordable housing can be a problem for low income group citizens. However, a recent survey on the housing market suggests that in the last 18 years home prices are the most affordable now. Almost 73% of homes sold in the U.S. in the first quarter of 2009 fell under the "affordable" category. What is generally accepted as an affordable home is one for which a household does not have to pay more than 30% of their gross income. If the monthly cost of a home including its tax and insurance is more than 30 to 35% then it cannot be called an affordable home. Owing to supply and demand, the affordability of a house largely depends on the place where it is situated. In a place where the demand for housing is relatively higher households of low to middle income group may have difficulty finding an affordable home. Indianapolis happens to top the list among all U.S. cities as far as home affordability is concerned. Among the homes sold in the last few quarters nearly 95% of them were affordable to those belonging to the average income group of the city. On the other hand only 21% of the homes sold in White Plains of New York were affordable for the average income group of the place. However, when a place has certain aspects that make it undesirable the demand of the place goes down and with it its price. This explains the fact that some areas in an otherwise unaffordable locality remain affordable. It is also important to note that in the United States a key factor that determines whether or not an affordable home is acceptable is the commuting time and distance. The different factors which determine affordability are Read More http://www.housingnewslive.com/affordable-housing.php

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