Facts About Affordable Housing
Posted on Thursday September 13, 2012 at 02:48PM
When a community is looking at the affordable housing issue, it begins with the understanding that in order for housing to be considered affordable, it should not exceed 30% of your after tax income. It should also be understood that when the only housing available is geared at incomes of 70,000 per year and higher, people with lower incomes rent them, and do without some of the essentials of life in order to pay the rent. Did you know:
- The average rental in Saskatchewan is over $1000.00 per month--well over in some areas.
- The availability of two bedroom rentals--the most sought after--is 0%.
- Many people who are new to our area cannot qualify for a mortgage, and even if they could, the average home costs $273,000.00 leaving people with household incomes under 80,000.00 without adequate housing.
- Economic growth also brings increased living expenses in addition to expensive housing costs...all living expenses tend to rise during a boom.
Affordable housing is a community issue. There are people in all economic brackets--and a community needs adequate housing in all brackets. If you are interested in helping us find a solution, please join the Affordable Housing Committee. For more information, call Lorri Matthewson, Community Development Officer.
Author: Town of Oxbow