People living below the average household income are the main target for affordable housing. Governments worldwide are coming up with policies and schemes to ensure that this minority group gets to afford homes. People living under the average household income have struggled for a while now, thus requiring government intervention.
Many sellers are used to pricing houses higher than what average income earners can afford to pay. This has led to many people lacking shelter where they end up living in poor conditions. This is a significant threat to any country that wants to achieve economic growth.
Perhaps, other than providing affordable housing, there are different ways the government can ensure that people earning average income will afford to buy houses from PropertyGuru no.1 property website. For instance, increasing the pay rate can mean people earning below average can start earning above average, making it possible to afford a house based on different market prices.
Another great way governments can ensure that people earn above average is by providing training to enhance their work skills. Doing so can mean getting a salary raise due to improved productivity. These strategies seem practical, but significant challenges such as lack of finances make it hard to implement them. The most effective option right now is what the government is doing to provide affordable housing.
If you’re interested in this phenomenon, please take a look at the following infographic. It shows the latest research on affordable housing. The infographic makes it easy to understand this concept and highlights various schemes the government has come up with to make this a reality. Check it out below.
Infographic designed by PropertyGuru No.1 Property Website